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

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

Institutional Trading of Ares Dynamic Credit Allocation Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Ares Dynamic Credit Allocation Fund during the second quarter worth about $357,000. B. Riley Wealth Advisors Inc. purchased a new stake in Ares Dynamic Credit Allocation Fund in the second quarter valued at approximately $150,000. Foundations Investment Advisors LLC lifted its stake in Ares Dynamic Credit Allocation Fund by 7.4% in the second quarter. Foundations Investment Advisors LLC now owns 288,199 shares of the company’s stock valued at $4,291,000 after buying an additional 19,735 shares during the last quarter. Secure Asset Management LLC acquired a new stake in shares of Ares Dynamic Credit Allocation Fund in the second quarter valued at approximately $2,172,000. Finally, Tyche Wealth Partners LLC purchased a new position in shares of Ares Dynamic Credit Allocation Fund during the second quarter worth approximately $344,000.

Ares Dynamic Credit Allocation Fund Price Performance

Shares of ARDC traded up $0.18 during midday trading on Friday, reaching $15.28. The stock had a trading volume of 80,892 shares, compared to its average volume of 102,225. The company’s fifty day simple moving average is $15.17 and its two-hundred day simple moving average is $14.69. Ares Dynamic Credit Allocation Fund has a 1-year low of $11.83 and a 1-year high of $15.49.

Ares Dynamic Credit Allocation Fund Dividend Announcement

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

Ares Dynamic Credit Allocation Fund Company Profile

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.