Aberdeen Income Credit Strategies Fund (NYSE:ACP) Reports Strong Short-Term Interest Growth

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Aberdeen Income Credit Strategies Fund (NYSE:ACP – Get Rating) was the target of a sharp rise in short-term interest during the month of April. As of April 30, there was short interest totaling 291,800 shares, an increase of 43.8% from the total of 202,900 shares as of April 15. Based on an average daily trading volume of 127,600 shares, the days-to-cover ratio is currently 2.3 days.

A number of institutional investors have recently bought and sold shares of ACP. Harbor Investments Inc. increased its position in Aberdeen Income Credit Strategies Fund by 416.3% in the fourth quarter. Harbor Investments Inc. now owns 6,066 shares of the investment management firm valued at $62,000 after purchasing an additional 4,891 shares in the last quarter. Wagner Wealth Management LLC increased its stake in shares of Aberdeen Income Credit Strategies Fund by 46.1% in the third quarter. Wagner Wealth Management LLC now owns 6,094 shares of the investment management company valued at $69,000 after purchasing an additional 1,924 shares during the period. Citadel Advisors LLC acquired a new stake in shares of Aberdeen Income Credit Strategies Fund in the fourth quarter, valued at approximately $118,000. Advisory Services Network LLC increased its stake in shares of Aberdeen Income Credit Strategies Fund by 10.9% in the third quarter. Advisory Services Network LLC now owns 11,447 shares of the investment management firm valued at $126,000 after purchasing an additional 1,125 shares during the period. Finally, Landscape Capital Management LLC acquired a new stake in Aberdeen Income Credit Strategies Fund during the fourth quarter at a value of approximately $144,000.

ACP shares traded down $0.05 on Friday, hitting $8.46. 133,071 shares of the company were traded, against an average volume of 142,063. Aberdeen Income Credit Strategies Fund has a 12-month low of $8.42 and a 12-month high of $12.53. The company has a 50-day moving average of $9.52 and a 200-day moving average of $10.14.

The company also recently announced a monthly dividend, which will be paid on Tuesday, May 31. Shareholders of record on Friday, May 20 will receive a dividend of $0.10. The ex-date of this dividend is Thursday, May 19. This represents an annualized dividend of $1.20 and a yield of 14.18%.

Aberdeen Income Credit Strategies Fund Company Profile (Get an evaluation)

Avenue Income Credit Strategies Fund is a closed-end bond fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc. The fund invests in bond markets worldwide. It seeks to invest primarily in loan and debt instruments.

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