Source Capital (NYSE:SOR) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Shares of Source Capital, Inc. (NYSE:SOR) crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $47.87 and traded as low as $47.00. Source Capital shares last traded at $47.31, with a volume of 16,842 shares trading hands.

Source Capital Stock Performance

The business’s 50 day moving average price is $47.89 and its two-hundred day moving average price is $46.48.

Source Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 14th will be given a $0.2083 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a c) annualized dividend and a dividend yield of 5.3%.

Hedge Funds Weigh In On Source Capital

A number of institutional investors have recently added to or reduced their stakes in SOR. WHI TRUST Co LLC bought a new position in shares of Source Capital in the fourth quarter worth approximately $42,000. Sound Income Strategies LLC purchased a new position in Source Capital in the 3rd quarter worth about $60,000. Manchester Capital Management LLC bought a new position in Source Capital during the 4th quarter valued at about $68,000. JPMorgan Chase & Co. boosted its holdings in Source Capital by 30.9% in the third quarter. JPMorgan Chase & Co. now owns 1,724 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 407 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in Source Capital in the 4th quarter worth approximately $85,000. Institutional investors own 13.15% of the company’s stock.

Source Capital Company Profile

Source Capital Inc is an externally managed specialty finance company that provides flexible financing solutions to U.S. middle-market companies. Structured as a closed-end investment company, it focuses on investing in both debt and equity securities of businesses seeking growth capital, refinancing, acquisitions, recapitalizations and other strategic initiatives.

The company’s investment strategy encompasses senior secured loans, unitranche facilities, second-lien financings, mezzanine debt and equity co-investments.