Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Rating) announced a monthly dividend on Friday, August 12th, Wall Street Journal reports. Investors of record on Monday, August 22nd will be given a dividend of 0.1025 per share on Wednesday, August 31st. This represents a $1.23 dividend on an annualized basis and a yield of 9.14%. The ex-dividend date of this dividend is Friday, August 19th. This is a boost from Ares Dynamic Credit Allocation Fund's previous monthly dividend of $0.10.
Ares Dynamic Credit Allocation Fund has decreased its dividend by an average of 3.2% per year over the last three years.
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Ares Dynamic Credit Allocation Fund Stock Performance
NYSE ARDC traded up $0.33 during trading hours on Friday, reaching $13.45. 114,977 shares of the company were exchanged, compared to its average volume of 89,595. Ares Dynamic Credit Allocation Fund has a 1 year low of $11.79 and a 1 year high of $16.66. The business's 50 day simple moving average is $12.51 and its 200-day simple moving average is $13.68.
Institutional Trading of Ares Dynamic Credit Allocation Fund
A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Ares Dynamic Credit Allocation Fund by 3.6% during the first quarter. Bank of America Corp DE now owns 129,307 shares of the company's stock worth $1,868,000 after buying an additional 4,470 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Ares Dynamic Credit Allocation Fund during the first quarter worth about $433,000. Walleye Capital LLC bought a new position in Ares Dynamic Credit Allocation Fund during the first quarter worth about $455,000. Royal Bank of Canada boosted its position in Ares Dynamic Credit Allocation Fund by 87.1% during the first quarter. Royal Bank of Canada now owns 16,690 shares of the company's stock worth $241,000 after purchasing an additional 7,769 shares during the period. Finally, Saba Capital Management L.P. bought a new position in Ares Dynamic Credit Allocation Fund during the first quarter worth about $542,000.
About Ares Dynamic Credit Allocation Fund
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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.
Further Reading
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