Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Short Interest Down 9.2% in September

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 58,400 shares, a drop of 9.2% from the August 31st total of 64,300 shares. Based on an average daily trading volume, of 96,900 shares, the days-to-cover ratio is presently 0.6 days.

Ares Dynamic Credit Allocation Fund Price Performance

Shares of NYSE ARDC traded up $0.18 during trading on Friday, hitting $15.28. 80,892 shares of the company were exchanged, compared to its average volume of 102,225. Ares Dynamic Credit Allocation Fund has a 1 year low of $11.83 and a 1 year high of $15.49. The firm’s fifty day moving average price is $15.17 and its 200 day moving average price is $14.69.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 20th will be issued a dividend of $0.1175 per share. This represents a $1.41 dividend on an annualized basis and a yield of 9.23%. The ex-dividend date is Friday, September 20th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its position in Ares Dynamic Credit Allocation Fund by 21.6% during the fourth quarter. Wells Fargo & Company MN now owns 891,976 shares of the company’s stock worth $12,265,000 after purchasing an additional 158,262 shares in the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Ares Dynamic Credit Allocation Fund by 7.4% during the 2nd quarter. Foundations Investment Advisors LLC now owns 288,199 shares of the company’s stock worth $4,291,000 after buying an additional 19,735 shares during the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of Ares Dynamic Credit Allocation Fund in the 2nd quarter worth about $344,000. Advisors Asset Management Inc. grew its stake in Ares Dynamic Credit Allocation Fund by 9.2% in the 1st quarter. Advisors Asset Management Inc. now owns 293,009 shares of the company’s stock valued at $4,170,000 after acquiring an additional 24,761 shares during the last quarter. Finally, 9258 Wealth Management LLC purchased a new position in Ares Dynamic Credit Allocation Fund during the 1st quarter valued at about $176,000.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. 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, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.