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

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 401,800 shares, an increase of 114.0% from the January 15th total of 187,800 shares. Based on an average daily volume of 950,400 shares, the days-to-cover ratio is presently 0.4 days.

Abrdn Income Credit Strategies Fund Price Performance

NYSE ACP opened at $6.19 on Friday. The firm has a 50 day simple moving average of $6.04 and a 200-day simple moving average of $6.32. Abrdn Income Credit Strategies Fund has a one year low of $5.81 and a one year high of $7.05.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 21st will be paid a $0.0775 dividend. This represents a $0.93 annualized dividend and a dividend yield of 15.04%. The ex-dividend date is Friday, February 21st.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACP. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $26,000. ORG Partners LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $31,000. McIlrath & Eck LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $58,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Abrdn Income Credit Strategies Fund in the fourth quarter worth approximately $60,000. Finally, Naviter Wealth LLC purchased a new position in Abrdn Income Credit Strategies Fund in the fourth quarter worth approximately $65,000.

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.