Key Points
- Major shareholder Financial For Luthera Thrivent purchased 240,000 ARDC shares at $25 each, investing $6 million. The transaction was disclosed in an SEC filing, and the shareholder now directly owns 240,000 shares.
- ARDC opened at $12.01, with a 12-month trading range of $11.60 to $14.93. Its 50-day and 200-day moving averages were $12.40 and $12.46, respectively.
- The fund announced a monthly dividend of $0.1125 per share, payable September 30 to shareholders of record September 21, representing an indicated annual yield of approximately 11.2%.
Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC - Get Free Report) major shareholder Financial For Luthera Thrivent bought 240,000 shares of Ares Dynamic Credit Allocation Fund stock in a transaction dated Monday, September 14th. The stock was acquired at an average price of $25.00 per share, with a total value of $6,000,000.00. Following the purchase, the insider directly owned 240,000 shares of the company's stock, valued at approximately $6,000,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Ares Dynamic Credit Allocation Fund Price Performance
NYSE ARDC opened at $12.01 on Thursday. The company's 50 day moving average is $12.40 and its 200-day moving average is $12.46. Ares Dynamic Credit Allocation Fund, Inc. has a 12-month low of $11.60 and a 12-month high of $14.93.
Ares Dynamic Credit Allocation Fund Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st will be issued a dividend of $0.1125 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a c) dividend on an annualized basis and a yield of 11.2%.
Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund
A number of large investors have recently made changes to their positions in ARDC. EverSource Wealth Advisors LLC grew its position in shares of Ares Dynamic Credit Allocation Fund by 60.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,552 shares of the company's stock valued at $34,000 after purchasing an additional 957 shares in the last quarter. Susquehanna International Group LLP bought a new stake in shares of Ares Dynamic Credit Allocation Fund during the 2nd quarter valued at $140,000. Waverly Advisors LLC lifted its holdings in Ares Dynamic Credit Allocation Fund by 32.4% during the 1st quarter. Waverly Advisors LLC now owns 17,058 shares of the company's stock worth $207,000 after purchasing an additional 4,178 shares in the last quarter. World Investment Advisors purchased a new stake in Ares Dynamic Credit Allocation Fund during the 4th quarter worth about $251,000. Finally, Closed End Fund Advisors Inc. bought a new position in Ares Dynamic Credit Allocation Fund in the 4th quarter worth about $330,000.
About Ares Dynamic Credit Allocation Fund
(
Get Free Report)
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.
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