Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Cross Above 200-Day Moving Average – Here’s Why

Abrdn Income Credit Strategies Fund (NYSE:ACP) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.91 and traded as high as $5.92. Abrdn Income Credit Strategies Fund shares last traded at $5.91, with a volume of 552,530 shares trading hands.

Abrdn Income Credit Strategies Fund Trading Down 0.1%

The stock’s 50 day moving average price is $5.71 and its 200 day moving average price is $5.91.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 23rd will be given a dividend of $0.0775 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $0.93 dividend on an annualized basis and a yield of 15.75%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. WPG Advisers LLC acquired a new stake in shares of Abrdn Income Credit Strategies Fund in the first quarter valued at approximately $34,000. Summit Investment Advisory Services LLC bought a new position in shares of Abrdn Income Credit Strategies Fund in the first quarter valued at $59,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the fourth quarter valued at $60,000. Naviter Wealth LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund in the fourth quarter worth approximately $65,000. Finally, Halbert Hargrove Global Advisors LLC lifted its holdings in shares of Abrdn Income Credit Strategies Fund by 20.3% in the fourth quarter. Halbert Hargrove Global Advisors LLC now owns 12,435 shares of the investment management company’s stock valued at $74,000 after purchasing an additional 2,100 shares in the last quarter.

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.