Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Rating) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 58,900 shares, a growth of 285.0% from the August 15th total of 15,300 shares. Based on an average daily volume of 77,600 shares, the short-interest ratio is currently 0.8 days.
Ares Dynamic Credit Allocation Fund Stock Performance
Shares of Ares Dynamic Credit Allocation Fund stock opened at $12.82 on Wednesday. Ares Dynamic Credit Allocation Fund has a 52-week low of $11.79 and a 52-week high of $16.66. The company's 50 day moving average price is $12.80 and its 200-day moving average price is $13.31.
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Ares Dynamic Credit Allocation Fund Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 19th will be issued a $0.1025 dividend. This represents a $1.23 annualized dividend and a dividend yield of 9.59%. The ex-dividend date of this dividend is Friday, September 16th.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Guggenheim Capital LLC grew its position in Ares Dynamic Credit Allocation Fund by 9.1% in the 4th quarter. Guggenheim Capital LLC now owns 1,391,060 shares of the company's stock valued at $22,716,000 after acquiring an additional 116,453 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Ares Dynamic Credit Allocation Fund by 2.2% during the 2nd quarter. Wells Fargo & Company MN now owns 643,572 shares of the company's stock worth $7,851,000 after buying an additional 13,806 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Ares Dynamic Credit Allocation Fund by 1.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 412,374 shares of the company's stock worth $5,031,000 after buying an additional 7,832 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Ares Dynamic Credit Allocation Fund by 16.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 276,495 shares of the company's stock worth $3,373,000 after buying an additional 40,073 shares in the last quarter. Finally, Shaker Financial Services LLC grew its position in shares of Ares Dynamic Credit Allocation Fund by 6.1% during the 2nd quarter. Shaker Financial Services LLC now owns 219,169 shares of the company's stock worth $2,674,000 after buying an additional 12,594 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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