Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 453.8% in January

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

Abrdn Income Credit Strategies Fund Stock Up 0.0 %

Abrdn Income Credit Strategies Fund stock opened at $6.00 on Thursday. Abrdn Income Credit Strategies Fund has a 1-year low of $5.81 and a 1-year high of $7.05. The firm’s fifty day moving average price is $6.12 and its two-hundred day moving average price is $6.37.

Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be paid a $0.0775 dividend. This represents a $0.93 annualized dividend and a dividend yield of 15.49%. The ex-dividend date of this dividend is Friday, January 24th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Rivernorth Capital Management LLC bought a new position in Abrdn Income Credit Strategies Fund during the 3rd quarter valued at $27,299,000. Absolute Investment Advisers LLC purchased a new position in Abrdn Income Credit Strategies Fund during the fourth quarter worth about $9,674,000. Kennedy Investment Group bought a new position in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $5,730,000. Landscape Capital Management L.L.C. bought a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $3,070,000. Finally, Shaker Financial Services LLC bought a new stake in Abrdn Income Credit Strategies Fund during the third quarter worth $2,940,000.

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.