Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Sees Large Decline in Short Interest
by Renee Jackson · The Cerbat GemAres Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Free Report) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totaling 24,021 shares, a drop of 43.1% from the March 15th total of 42,187 shares. Based on an average daily trading volume, of 119,892 shares, the short-interest ratio is currently 0.2 days.
Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund
Hedge funds have recently bought and sold shares of the company. AdvisorNet Financial Inc grew its holdings in Ares Dynamic Credit Allocation Fund by 35.7% in the third quarter. AdvisorNet Financial Inc now owns 319,133 shares of the company’s stock worth $4,490,000 after purchasing an additional 84,013 shares during the period. Advisors Asset Management Inc. grew its holdings in shares of Ares Dynamic Credit Allocation Fund by 12.4% during the third quarter. Advisors Asset Management Inc. now owns 420,778 shares of the company’s stock valued at $5,920,000 after buying an additional 46,322 shares during the last quarter. NewEdge Wealth LLC grew its holdings in shares of Ares Dynamic Credit Allocation Fund by 63.2% during the third quarter. NewEdge Wealth LLC now owns 216,714 shares of the company’s stock valued at $3,019,000 after buying an additional 83,889 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Ares Dynamic Credit Allocation Fund during the second quarter valued at about $434,000. Finally, World Investment Advisors acquired a new position in shares of Ares Dynamic Credit Allocation Fund during the fourth quarter valued at about $251,000.
Ares Dynamic Credit Allocation Fund Price Performance
NYSE ARDC traded up $0.07 during mid-day trading on Wednesday, reaching $12.46. 119,083 shares of the stock were exchanged, compared to its average volume of 121,577. Ares Dynamic Credit Allocation Fund has a one year low of $11.60 and a one year high of $15.03. The stock has a 50 day simple moving average of $12.53 and a 200-day simple moving average of $13.18.
Ares Dynamic Credit Allocation Fund Dividend Announcement
The company also recently announced a monthly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, April 20th will be paid a dividend of $0.1125 per share. This represents a c) dividend on an annualized basis and a yield of 10.8%. The ex-dividend date of this dividend is Monday, April 20th.
Ares Dynamic Credit Allocation Fund Company Profile
Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.
The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.