Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 28.8% in July

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 3,090,000 shares, an increase of 28.8% from the June 30th total of 2,400,000 shares. Based on an average daily volume of 396,500 shares, the days-to-cover ratio is currently 7.8 days.

Abrdn Income Credit Strategies Fund Stock Performance

NYSE:ACP opened at $6.50 on Tuesday. The stock’s fifty day moving average is $6.74 and its 200 day moving average is $6.76. Abrdn Income Credit Strategies Fund has a fifty-two week low of $5.55 and a fifty-two week high of $7.17.

Abrdn Income Credit Strategies Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $1.20 annualized dividend and a dividend yield of 18.48%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of large investors have recently made changes to their positions in the company. NBC Securities Inc. bought a new stake in Abrdn Income Credit Strategies Fund in the fourth quarter worth about $58,000. High Net Worth Advisory Group LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund during the 1st quarter worth approximately $69,000. SeaCrest Wealth Management LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 40.2% during the 4th quarter. SeaCrest Wealth Management LLC now owns 16,544 shares of the investment management company’s stock valued at $112,000 after acquiring an additional 4,741 shares during the period. Aristides Capital LLC purchased a new position in Abrdn Income Credit Strategies Fund during the 4th quarter valued at $118,000. Finally, Virtu Financial LLC bought a new position in Abrdn Income Credit Strategies Fund in the 1st quarter valued at $143,000.

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.