Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Increases By 29.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 187,300 shares, an increase of 29.8% from the October 15th total of 144,300 shares. Based on an average daily volume of 647,600 shares, the days-to-cover ratio is presently 0.3 days.

Abrdn Income Credit Strategies Fund Stock Down 0.3 %

Shares of ACP stock opened at $6.47 on Friday. Abrdn Income Credit Strategies Fund has a one year low of $6.05 and a one year high of $7.05. The stock has a fifty day moving average price of $6.52 and a 200 day moving average price of $6.60.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 21st will be given a $0.10 dividend. The ex-dividend date is Thursday, November 21st. This represents a $1.20 annualized dividend and a yield of 18.55%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ACP. Rivernorth Capital Management LLC bought a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter valued at $25,387,000. Kennedy Investment Group bought a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter valued at $5,730,000. Landscape Capital Management L.L.C. bought a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter valued at $3,070,000. Shaker Financial Services LLC bought a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter valued at $2,940,000. Finally, Thrivent Financial for Lutherans bought a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at about $2,246,000.

Abrdn Income Credit Strategies Fund Company Profile

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.