Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Passes Above 200-Day Moving Average of $6.58

Abrdn Income Credit Strategies Fund (NYSE:ACP) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $6.58 and traded as high as $6.75. Abrdn Income Credit Strategies Fund shares last traded at $6.72, with a volume of 368,460 shares traded.

Abrdn Income Credit Strategies Fund Trading Down 0.6 %

The company’s 50-day simple moving average is $6.79 and its 200-day simple moving average is $6.58.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 23rd will be given a dividend of $0.10 per share. This represents a $1.20 annualized dividend and a yield of 17.96%. The ex-dividend date of this dividend is Monday, April 22nd.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors and hedge funds have recently modified their holdings of ACP. Advisors Asset Management Inc. acquired a new position in shares of Abrdn Income Credit Strategies Fund in the first quarter valued at $3,611,000. LPL Financial LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 633.4% in the first quarter. LPL Financial LLC now owns 387,938 shares of the investment management company’s stock valued at $2,588,000 after purchasing an additional 335,043 shares during the last quarter. Guggenheim Capital LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 73.4% in the first quarter. Guggenheim Capital LLC now owns 629,658 shares of the investment management company’s stock valued at $6,164,000 after purchasing an additional 266,436 shares during the last quarter. Shaker Financial Services LLC acquired a new position in shares of Abrdn Income Credit Strategies Fund in the fourth quarter valued at about $1,661,000. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Abrdn Income Credit Strategies Fund in the first quarter valued at about $1,373,000.

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.