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

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,760,000 shares, a growth of 39.7% from the May 31st total of 1,260,000 shares. Based on an average daily trading volume, of 342,000 shares, the short-interest ratio is presently 5.1 days.

Abrdn Income Credit Strategies Fund Price Performance

NYSE ACP traded down $0.07 during mid-day trading on Monday, reaching $6.72. The stock had a trading volume of 488,055 shares, compared to its average volume of 341,126. The company has a fifty day moving average price of $6.73 and a 200 day moving average price of $6.78. Abrdn Income Credit Strategies Fund has a 1 year low of $5.55 and a 1 year high of $7.17.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 21st were paid a $0.10 dividend. This represents a $1.20 annualized dividend and a dividend yield of 17.87%. The ex-dividend date of this dividend was Friday, June 21st.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors have recently modified their holdings of ACP. Envestnet Portfolio Solutions Inc. bought a new position in Abrdn Income Credit Strategies Fund during the 3rd quarter valued at about $157,000. Worth Asset Management LLC raised its holdings in shares of Abrdn Income Credit Strategies Fund by 63.7% during the fourth quarter. Worth Asset Management LLC now owns 17,735 shares of the investment management company’s stock valued at $121,000 after purchasing an additional 6,900 shares during the last quarter. SeaCrest Wealth Management LLC lifted its position in Abrdn Income Credit Strategies Fund by 40.2% during the fourth quarter. SeaCrest Wealth Management LLC now owns 16,544 shares of the investment management company’s stock valued at $112,000 after purchasing an additional 4,741 shares during the period. Shaker Financial Services LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the fourth quarter worth approximately $1,661,000. Finally, NBC Securities Inc. purchased a new stake in Abrdn Income Credit Strategies Fund in the fourth quarter worth approximately $58,000.

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.