Source Capital, Inc. (NYSE:SOR) Sees Large Decrease in Short Interest

Source Capital, Inc. (NYSE:SOR) was the target of a large decline in short interest in July. As of July 15th, there was short interest totaling 4,119 shares, a decline of 44.7% from the June 30th total of 7,442 shares. Based on an average daily trading volume, of 10,408 shares, the short-interest ratio is presently 0.4 days. Currently, 0.2% of the company’s stock are sold short.

Hedge Funds Weigh In On Source Capital

Large investors have recently modified their holdings of the company. Diversified Management Inc. bought a new stake in Source Capital during the 4th quarter valued at $5,344,000. LPL Financial LLC raised its holdings in Source Capital by 17.7% during the fourth quarter. LPL Financial LLC now owns 22,285 shares of the financial services provider’s stock worth $1,020,000 after buying an additional 3,344 shares during the last quarter. Evolve Private Wealth LLC bought a new position in shares of Source Capital in the fourth quarter valued at $522,000. Cetera Investment Advisers bought a new position in shares of Source Capital in the fourth quarter valued at $240,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Source Capital during the fourth quarter valued at about $119,000. 13.15% of the stock is currently owned by institutional investors.

Source Capital Stock Up 1.3%

NYSE:SOR traded up $0.62 on Friday, hitting $46.57. The stock had a trading volume of 17,438 shares, compared to its average volume of 12,734. The business’s fifty day moving average is $45.57 and its 200 day moving average is $46.44. Source Capital has a 52 week low of $43.16 and a 52 week high of $50.41.

Source Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.2083 per share. The ex-dividend date is Friday, November 13th. This represents a c) annualized dividend and a dividend yield of 5.4%.

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.