Raymond James & Associates Acquires 44,820 Shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)

Raymond James & Associates increased its holdings in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) by 53.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,660 shares of the company’s stock after acquiring an additional 44,820 shares during the period. Raymond James & Associates’ holdings in Ares Dynamic Credit Allocation Fund were worth $1,769,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ARDC. NewEdge Advisors LLC grew its holdings in shares of Ares Dynamic Credit Allocation Fund by 6.8% in the first quarter. NewEdge Advisors LLC now owns 23,559 shares of the company’s stock valued at $341,000 after acquiring an additional 1,500 shares in the last quarter. Rivernorth Capital Management LLC purchased a new position in Ares Dynamic Credit Allocation Fund in the first quarter valued at approximately $252,000. Goldman Sachs Group Inc. purchased a new position in Ares Dynamic Credit Allocation Fund in the first quarter valued at approximately $212,000. Saba Capital Management L.P. purchased a new position in Ares Dynamic Credit Allocation Fund in the first quarter valued at approximately $542,000. Finally, Royal Bank of Canada lifted its stake in Ares Dynamic Credit Allocation Fund by 87.1% in the first quarter. Royal Bank of Canada now owns 16,690 shares of the company’s stock valued at $241,000 after purchasing an additional 7,769 shares during the last quarter.

Ares Dynamic Credit Allocation Fund Trading Up 0.7 %

Ares Dynamic Credit Allocation Fund stock opened at $13.90 on Thursday. Ares Dynamic Credit Allocation Fund, Inc. has a 12 month low of $11.56 and a 12 month high of $14.30. The business’s 50 day simple moving average is $13.93 and its 200 day simple moving average is $13.33.

Ares Dynamic Credit Allocation Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 22nd will be given a dividend of $0.1175 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.41 annualized dividend and a dividend yield of 10.14%.

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.