Short Interest in Source Capital, Inc. (NYSE:SOR) Declines By 16.2%

Source Capital, Inc. (NYSE:SOR) was the recipient of a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 2,928 shares, a decrease of 16.2% from the February 26th total of 3,492 shares. Based on an average daily volume of 13,249 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.2% of the shares of the company are short sold.

Source Capital Stock Performance

Shares of SOR traded up $1.53 on Tuesday, reaching $46.12. The company’s stock had a trading volume of 16,285 shares, compared to its average volume of 12,578. The stock’s 50 day simple moving average is $47.46 and its two-hundred day simple moving average is $46.70. Source Capital has a 12-month low of $38.66 and a 12-month high of $50.41.

Source Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 14th will be paid a dividend of $0.2083 per share. This represents a c) annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Thursday, May 14th.

Hedge Funds Weigh In On Source Capital

A number of institutional investors have recently bought and sold shares of the stock. DKM Wealth Management Inc. lifted its position in Source Capital by 3.2% during the fourth quarter. DKM Wealth Management Inc. now owns 294,862 shares of the financial services provider’s stock valued at $13,493,000 after purchasing an additional 9,225 shares in the last quarter. Align Financial LLC purchased a new stake in Source Capital in the fourth quarter worth about $7,006,000. Diversified Management Inc. bought a new position in shares of Source Capital in the fourth quarter worth about $5,344,000. Hara Capital LLC raised its stake in shares of Source Capital by 1.7% in the third quarter. Hara Capital LLC now owns 109,344 shares of the financial services provider’s stock worth $4,923,000 after buying an additional 1,807 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Source Capital by 5.4% during the 3rd quarter. First Trust Advisors LP now owns 72,869 shares of the financial services provider’s stock valued at $3,281,000 after buying an additional 3,717 shares in the last quarter. 13.15% of the stock is owned by institutional investors.

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.