Smith Asset Management Co. LLC Makes New $1.13 Million Investment in Source Capital, Inc. $SOR

Key Points

• Smith Asset Management Co. LLC has acquired a new stake in Source Capital, purchasing 27,291 shares valued at approximately $1.13 million.
• Source Capital recently declared a monthly dividend of $0.2083, with a yield of 5.6%, payable on October 31st.
• Institutional investors collectively own 13.15% of Source Capital's stock, with several firms adjusting their positions during the first quarter.

Smith Asset Management Co. LLC acquired a new stake in Source Capital, Inc. (NYSE:SOR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 27,291 shares of the financial services provider's stock, valued at approximately $1,133,000. Smith Asset Management Co. LLC owned about 0.33% of Source Capital as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. grew its stake in shares of Source Capital by 3.1% in the first quarter. Invesco Ltd. now owns 25,729 shares of the financial services provider's stock valued at $1,068,000 after buying an additional 785 shares in the last quarter. Cornerstone Advisors LLC bought a new position in shares of Source Capital in the first quarter valued at $120,000. Shaker Financial Services LLC grew its stake in shares of Source Capital by 47.4% in the first quarter. Shaker Financial Services LLC now owns 26,591 shares of the financial services provider's stock valued at $1,104,000 after buying an additional 8,553 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its stake in shares of Source Capital by 0.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 77,535 shares of the financial services provider's stock valued at $3,218,000 after buying an additional 462 shares in the last quarter. Finally, Envestnet Asset Management Inc. bought a new position in shares of Source Capital in the first quarter valued at $826,000. 13.15% of the stock is owned by institutional investors.

Source Capital Price Performance

Shares of NYSE:SOR traded up $0.03 during midday trading on Friday, hitting $45.06. The stock had a trading volume of 5,715 shares, compared to its average volume of 8,774. Source Capital, Inc. has a 12 month low of $38.66 and a 12 month high of $46.34. The business's 50-day simple moving average is $44.10 and its 200-day simple moving average is $42.70.

Source Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 16th will be paid a $0.2083 dividend. The ex-dividend date of this dividend is Thursday, October 16th. This represents a c) annualized dividend and a dividend yield of 5.5%.

Source Capital Profile

Source Capital, Inc is a close-ended balanced fund launched and managed by First Pacific Advisors, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating across diversified sectors. The fund primarily invests in value stocks of small to mid cap companies.