Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Large Growth in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 269,700 shares, a growth of 453.8% from the December 31st total of 48,700 shares. Based on an average daily volume of 864,500 shares, the days-to-cover ratio is currently 0.3 days.

Abrdn Income Credit Strategies Fund Stock Performance

NYSE ACP traded up $0.02 during trading hours on Tuesday, reaching $6.00. 541,398 shares of the company were exchanged, compared to its average volume of 1,094,429. Abrdn Income Credit Strategies Fund has a 1 year low of $5.81 and a 1 year high of $7.05. The business’s 50 day simple moving average is $6.13 and its 200-day simple moving average is $6.37.

Abrdn Income Credit Strategies Fund Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, January 31st. Shareholders of record on Friday, January 24th will be given a $0.0775 dividend. This represents a $0.93 dividend on an annualized basis and a yield of 15.51%. The ex-dividend date of this dividend is Friday, January 24th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACP. Kennedy Investment Group bought a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $5,730,000. Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the third quarter worth about $26,000. Capital Investment Advisors LLC lifted its stake in Abrdn Income Credit Strategies Fund by 9.2% in the third quarter. Capital Investment Advisors LLC now owns 326,444 shares of the investment management company’s stock worth $2,161,000 after acquiring an additional 27,470 shares during the period. NBC Securities Inc. raised its stake in Abrdn Income Credit Strategies Fund by 41.0% in the third quarter. NBC Securities Inc. now owns 20,650 shares of the investment management company’s stock worth $136,000 after buying an additional 6,000 shares in the last quarter. Finally, E&G Advisors LP bought a new stake in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter valued at $105,000.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.