Ares Dynamic Credit Allocation Fund Inc (NYSE:ARDC) Sees Significant Decline in Short Interest

Ares Dynamic Credit Allocation Fund Inc (NYSE:ARDC) was the target of a large drop in short interest during the month of March. As of March 13th, there was short interest totalling 4,400 shares, a drop of 81.7% from the February 27th total of 24,100 shares. Approximately 0.0% of the company’s shares are short sold. Based on an average trading volume of 118,400 shares, the days-to-cover ratio is currently 0.0 days.

Several institutional investors and hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC increased its stake in shares of Ares Dynamic Credit Allocation Fund by 5.9% in the 4th quarter. Lindbrook Capital LLC now owns 22,229 shares of the company’s stock worth $341,000 after acquiring an additional 1,229 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Ares Dynamic Credit Allocation Fund by 18.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 16,900 shares of the company’s stock worth $259,000 after acquiring an additional 2,600 shares during the last quarter. Citigroup Inc. increased its stake in shares of Ares Dynamic Credit Allocation Fund by 974.2% in the 4th quarter. Citigroup Inc. now owns 6,982 shares of the company’s stock worth $107,000 after acquiring an additional 6,332 shares during the last quarter. Capital Investment Advisors LLC increased its stake in shares of Ares Dynamic Credit Allocation Fund by 4.7% in the 4th quarter. Capital Investment Advisors LLC now owns 169,465 shares of the company’s stock worth $2,601,000 after acquiring an additional 7,539 shares during the last quarter. Finally, E&G Advisors LP increased its stake in shares of Ares Dynamic Credit Allocation Fund by 61.5% in the 4th quarter. E&G Advisors LP now owns 23,900 shares of the company’s stock worth $367,000 after acquiring an additional 9,100 shares during the last quarter.

Shares of ARDC traded down $0.61 during midday trading on Thursday, reaching $10.40. The company had a trading volume of 496,236 shares, compared to its average volume of 171,233. Ares Dynamic Credit Allocation Fund has a 1-year low of $8.10 and a 1-year high of $15.91. The firm has a 50 day simple moving average of $13.83 and a 200-day simple moving average of $14.71.

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 20th will be paid a $0.1075 dividend. This represents a $1.29 dividend on an annualized basis and a dividend yield of 12.40%. The ex-dividend date is Thursday, March 19th.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income mutual fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It invests in the fixed income markets of Europe. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, debt securities issued by CLOs, and other fixed-income instruments.

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