Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Rating) declared a monthly dividend on Monday, September 12th, Wall Street Journal reports. Stockholders of record on Monday, September 19th will be paid a dividend of 0.1025 per share on Friday, September 30th. This represents a $1.23 annualized dividend and a dividend yield of 9.52%. The ex-dividend date is Friday, September 16th.
Ares Dynamic Credit Allocation Fund has decreased its dividend payment by an average of 3.2% per year over the last three years and has raised its dividend annually for the last 1 consecutive years.
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Ares Dynamic Credit Allocation Fund Stock Performance
Shares of ARDC stock traded down $0.16 on Monday, hitting $12.92. The company had a trading volume of 1,493 shares, compared to its average volume of 87,391. The company has a 50-day moving average price of $12.77 and a 200-day moving average price of $13.33. Ares Dynamic Credit Allocation Fund has a twelve month low of $11.79 and a twelve month high of $16.66.
Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund
A number of large investors have recently bought and sold shares of ARDC. Goldman Sachs Group Inc. purchased a new stake in Ares Dynamic Credit Allocation Fund during the 1st quarter worth approximately $212,000. Royal Bank of Canada increased its stake in Ares Dynamic Credit Allocation Fund by 87.1% during the 1st quarter. Royal Bank of Canada now owns 16,690 shares of the company's stock worth $241,000 after buying an additional 7,769 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Ares Dynamic Credit Allocation Fund during the 2nd quarter worth approximately $251,000. Rivernorth Capital Management LLC purchased a new stake in Ares Dynamic Credit Allocation Fund during the 1st quarter worth approximately $252,000. Finally, LPL Financial LLC increased its stake in Ares Dynamic Credit Allocation Fund by 6.4% during the 2nd quarter. LPL Financial LLC now owns 20,755 shares of the company's stock worth $253,000 after buying an additional 1,256 shares in the last quarter.
Ares Dynamic Credit Allocation Fund Company Profile
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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.
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