Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Crosses Above Two Hundred Day Moving Average of $6.77

Shares of Abrdn Income Credit Strategies Fund (NYSE:ACP) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $6.77 and traded as high as $7.00. Abrdn Income Credit Strategies Fund shares last traded at $6.98, with a volume of 559,505 shares traded.

Abrdn Income Credit Strategies Fund Trading Down 2.8 %

The company’s fifty day moving average is $6.78 and its 200 day moving average is $6.77.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 17.84%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Shaker Financial Services LLC bought a new position in shares of Abrdn Income Credit Strategies Fund in the 4th quarter valued at about $1,661,000. Oxinas Partners Wealth Management LLC grew its holdings in Abrdn Income Credit Strategies Fund by 11.5% during the first quarter. Oxinas Partners Wealth Management LLC now owns 116,855 shares of the investment management company’s stock worth $792,000 after purchasing an additional 12,040 shares during the period. Arlington Capital Management Inc. acquired a new position in Abrdn Income Credit Strategies Fund during the first quarter worth approximately $507,000. Worth Asset Management LLC increased its position in Abrdn Income Credit Strategies Fund by 169.7% during the second quarter. Worth Asset Management LLC now owns 47,830 shares of the investment management company’s stock worth $324,000 after buying an additional 30,095 shares during the last quarter. Finally, High Net Worth Advisory Group LLC raised its stake in Abrdn Income Credit Strategies Fund by 311.7% in the second quarter. High Net Worth Advisory Group LLC now owns 41,860 shares of the investment management company’s stock valued at $284,000 after buying an additional 31,693 shares during the period.

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.