Short Interest in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Declines By 42.8%

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 28,700 shares, a decline of 42.8% from the March 15th total of 50,200 shares. Based on an average daily trading volume, of 116,500 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Trading of Ares Dynamic Credit Allocation Fund

Several institutional investors have recently modified their holdings of ARDC. Wells Fargo & Company MN lifted its stake in Ares Dynamic Credit Allocation Fund by 5.8% during the fourth quarter. Wells Fargo & Company MN now owns 1,664,519 shares of the company’s stock worth $25,151,000 after purchasing an additional 91,365 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Ares Dynamic Credit Allocation Fund during the fourth quarter valued at approximately $1,066,000. Janney Montgomery Scott LLC boosted its position in Ares Dynamic Credit Allocation Fund by 98.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 21,367 shares of the company’s stock valued at $323,000 after buying an additional 10,589 shares during the last quarter. Foundations Investment Advisors LLC increased its position in Ares Dynamic Credit Allocation Fund by 23.2% in the fourth quarter. Foundations Investment Advisors LLC now owns 394,525 shares of the company’s stock worth $5,961,000 after purchasing an additional 74,226 shares during the period. Finally, NewEdge Wealth LLC grew its position in shares of Ares Dynamic Credit Allocation Fund by 19.5% during the 4th quarter. NewEdge Wealth LLC now owns 106,308 shares of the company’s stock worth $1,606,000 after buying an additional 17,350 shares during the period.

Ares Dynamic Credit Allocation Fund Price Performance

ARDC opened at $13.10 on Thursday. Ares Dynamic Credit Allocation Fund has a 1-year low of $11.52 and a 1-year high of $15.62. The business has a 50 day moving average of $14.21 and a 200-day moving average of $14.85.

Ares Dynamic Credit Allocation Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, April 21st will be paid a $0.1125 dividend. This represents a $1.35 annualized dividend and a dividend yield of 10.31%. The ex-dividend date is Monday, April 21st.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.