Source Capital (NYSE:SOR) Stock Passes Below Fifty Day Moving Average – What’s Next?

Source Capital, Inc. (NYSE:SOR)’s stock price crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty 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 changing hands.

Source Capital Stock Down 1.3%

The company’s 50 day moving average price is $47.87 and its 200-day moving average price is $46.47.

Source Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 14th will be issued 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

Hedge funds have recently modified their holdings of the stock. Assetmark Inc. raised its position in shares of Source Capital by 258.6% during the second quarter. Assetmark Inc. now owns 1,983 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 1,430 shares during the period. Cornerstone Advisors LLC increased its stake in Source Capital by 487.9% in the 2nd quarter. Cornerstone Advisors LLC now owns 16,942 shares of the financial services provider’s stock worth $735,000 after purchasing an additional 14,060 shares in the last quarter. First Trust Advisors LP increased its stake in Source Capital by 2.0% in the 2nd quarter. First Trust Advisors LP now owns 69,152 shares of the financial services provider’s stock worth $2,999,000 after purchasing an additional 1,353 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Source Capital by 4.9% during the 2nd quarter. Raymond James Financial Inc. now owns 46,000 shares of the financial services provider’s stock worth $1,995,000 after buying an additional 2,165 shares during the period. Finally, Hara Capital LLC lifted its stake in Source Capital by 50.3% during the second quarter. Hara Capital LLC now owns 107,537 shares of the financial services provider’s stock valued at $4,663,000 after buying an additional 35,995 shares in the last quarter. 13.15% of the stock is currently owned by institutional investors and hedge funds.

About Source Capital

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.