Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $12.63 and traded as high as $12.65. Ares Dynamic Credit Allocation Fund shares last traded at $12.6310, with a volume of 83,847 shares trading hands.

Ares Dynamic Credit Allocation Fund Stock Performance

The firm’s 50 day moving average is $12.63 and its 200 day moving average is $12.82.

Ares Dynamic Credit Allocation Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a $0.1125 dividend. This represents a c) annualized dividend and a yield of 10.7%. The ex-dividend date of this dividend is Monday, June 22nd.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. AdvisorNet Financial Inc raised its position in shares of Ares Dynamic Credit Allocation Fund by 3.7% in the first quarter. AdvisorNet Financial Inc now owns 502,990 shares of the company’s stock worth $6,116,000 after buying an additional 17,969 shares in the last quarter. Guggenheim Capital LLC boosted its stake in Ares Dynamic Credit Allocation Fund by 20.3% during the fourth quarter. Guggenheim Capital LLC now owns 446,464 shares of the company’s stock valued at $5,938,000 after buying an additional 75,346 shares during the period. Foundations Investment Advisors LLC grew its position in Ares Dynamic Credit Allocation Fund by 16.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 429,434 shares of the company’s stock worth $5,711,000 after buying an additional 59,102 shares in the last quarter. Invesco Ltd. grew its position in Ares Dynamic Credit Allocation Fund by 4.3% during the fourth quarter. Invesco Ltd. now owns 340,061 shares of the company’s stock worth $4,523,000 after buying an additional 13,867 shares in the last quarter. Finally, Sit Investment Associates Inc. bought a new position in Ares Dynamic Credit Allocation Fund in the 4th quarter worth about $3,975,000.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.

The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.