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

Source Capital, Inc. (NYSE:SOR) was the target of a large drop in short interest in May. As of May 15th, there was short interest totaling 12 shares, a drop of 98.3% from the April 30th total of 706 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average trading volume of 13,362 shares, the short-interest ratio is currently 0.0 days.

Institutional Trading of Source Capital

Several large investors have recently made changes to their positions in the company. WHI TRUST Co LLC bought a new position in Source Capital in the 4th quarter valued at approximately $42,000. PNC Financial Services Group Inc. lifted its stake in Source Capital by 1,900.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 950 shares during the last quarter. Manchester Capital Management LLC bought a new position in Source Capital in the 4th quarter valued at approximately $68,000. JPMorgan Chase & Co. lifted its stake in Source Capital by 30.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,724 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 407 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Source Capital in the 4th quarter valued at approximately $85,000. Institutional investors and hedge funds own 13.15% of the company’s stock.

Source Capital Stock Performance

Shares of NYSE SOR traded up $0.37 during trading hours on Friday, hitting $45.78. 14,562 shares of the stock were exchanged, compared to its average volume of 13,517. The company’s fifty day simple moving average is $45.79 and its two-hundred day simple moving average is $46.86. Source Capital has a 1-year low of $41.93 and a 1-year high of $50.41.

Source Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Thursday, August 13th will be given a dividend of $0.2083 per share. The ex-dividend date is Thursday, August 13th. This represents a c) annualized dividend and a dividend yield of 5.5%.

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.