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

Source Capital, Inc. (NYSE:SOR) saw a large growth in short interest in August. As of August 14th, there was short interest totaling 3,650 shares, a growth of 323.9% from the July 30th total of 861 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 9,457 shares, the short-interest ratio is currently 0.4 days.

Source Capital Trading Down 0.1%

Source Capital stock traded down $0.03 during mid-day trading on Friday, reaching $46.52. 4,696 shares of the company traded hands, compared to its average volume of 12,280. Source Capital has a fifty-two week low of $44.11 and a fifty-two week high of $50.41. The firm’s fifty day moving average is $46.04 and its two-hundred day moving average is $46.24.

Source Capital Announces Dividend

The business 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 of this dividend is Friday, November 13th. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%.

Hedge Funds Weigh In On Source Capital

Hedge funds have recently made changes to their positions in the company. Readystate Asset Management LP acquired a new stake in Source Capital during the 2nd quarter worth about $565,000. Diversified Management Inc. increased its holdings in shares of Source Capital by 2.8% in the second quarter. Diversified Management Inc. now owns 121,285 shares of the financial services provider’s stock valued at $5,575,000 after purchasing an additional 3,316 shares during the period. Cetera Investment Advisers increased its holdings in shares of Source Capital by 4.5% in the first quarter. Cetera Investment Advisers now owns 5,478 shares of the financial services provider’s stock valued at $254,000 after purchasing an additional 235 shares during the period. First Trust Advisors LP raised its stake in shares of Source Capital by 4.4% in the first quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider’s stock worth $3,452,000 after purchasing an additional 3,113 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Source Capital by 1,900.0% in the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 950 shares during the last quarter. 13.15% of the stock is 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.