Tyche Wealth Partners LLC Takes $344,000 Position in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)

Tyche Wealth Partners LLC bought a new position in shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,109 shares of the company’s stock, valued at approximately $344,000.

Other large investors have also recently added to or reduced their stakes in the company. Curated Wealth Partners LLC increased its holdings in shares of Ares Dynamic Credit Allocation Fund by 200.8% during the 2nd quarter. Curated Wealth Partners LLC now owns 86,324 shares of the company’s stock worth $1,285,000 after buying an additional 171,963 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Ares Dynamic Credit Allocation Fund by 21.6% in the 4th quarter. Wells Fargo & Company MN now owns 891,976 shares of the company’s stock valued at $12,265,000 after purchasing an additional 158,262 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Ares Dynamic Credit Allocation Fund by 53.5% in the 4th quarter. Raymond James & Associates now owns 128,660 shares of the company’s stock valued at $1,769,000 after purchasing an additional 44,820 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Ares Dynamic Credit Allocation Fund by 9.2% during the 1st quarter. Advisors Asset Management Inc. now owns 293,009 shares of the company’s stock worth $4,170,000 after purchasing an additional 24,761 shares during the period. Finally, Foundations Investment Advisors LLC increased its position in Ares Dynamic Credit Allocation Fund by 10.1% during the 4th quarter. Foundations Investment Advisors LLC now owns 260,207 shares of the company’s stock worth $3,492,000 after purchasing an additional 23,819 shares in the last quarter.

Ares Dynamic Credit Allocation Fund Stock Up 0.5 %

Ares Dynamic Credit Allocation Fund stock traded up $0.07 during trading on Friday, reaching $15.30. 59,401 shares of the company’s stock were exchanged, compared to its average volume of 102,784. Ares Dynamic Credit Allocation Fund, Inc. has a 52-week low of $11.83 and a 52-week high of $15.40. The company’s 50-day moving average is $14.94 and its two-hundred day moving average is $14.36.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be paid a $0.1175 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 9.22%.

Insiders Place Their Bets

In related news, Director John Joseph Shaw sold 15,876 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $14.09, for a total transaction of $223,692.84. Following the sale, the director now directly owns 14,124 shares of the company’s stock, valued at approximately $199,007.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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.