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

Key Points

• Short interest in Source Capital rose 72.1% to 4,408 shares as of October 15, representing 0.2% of shares outstanding and 0.5 days of average trading volume.
• Institutional investors continued to add to their positions, while institutional ownership stood at 13.15% of the company’s stock.
• SOR shares opened at $45.88, within a 52-week range of $44.20 to $50.41. The company declared a monthly dividend of $0.23 per share, equivalent to a 6.0% annualized yield.

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the target of a large increase in short interest in October. As of October 15th, there was short interest totaling 4,408 shares, an increase of 72.1% from the September 30th total of 2,562 shares. Based on an average daily volume of 8,400 shares, the short-interest ratio is presently 0.5 days. Currently, 0.2% of the shares of the company are sold short.

Institutional Investors Weigh In On Source Capital

Several institutional investors have recently made changes to their positions in SOR. Readystate Asset Management LP bought a new stake in Source Capital in the second quarter worth approximately $565,000. DKM Wealth Management Inc. lifted its holdings in shares of Source Capital by 1.8% during the third quarter. DKM Wealth Management Inc. now owns 318,676 shares of the financial services provider's stock valued at $14,477,000 after purchasing an additional 5,580 shares in the last quarter. Diversified Management Inc. grew its stake in shares of Source Capital by 2.8% during the 2nd quarter. Diversified Management Inc. now owns 121,285 shares of the financial services provider's stock valued at $5,575,000 after acquiring an additional 3,316 shares during the period. First Trust Advisors LP boosted its position in shares of Source Capital by 4.4% during the 1st quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider's stock valued at $3,452,000 after acquiring an additional 3,113 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in Source Capital by 1.3% in the 3rd quarter. D.A. Davidson & CO. now owns 169,153 shares of the financial services provider's stock worth $7,685,000 after buying an additional 2,233 shares during the period. 13.15% of the stock is currently owned by institutional investors.

Source Capital Price Performance

Shares of SOR opened at $45.88 on Monday. The company's fifty day moving average is $45.78 and its two-hundred day moving average is $46.28. Source Capital has a 1 year low of $44.20 and a 1 year high of $50.41.

Source Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, February 26th. Stockholders of record on Friday, February 12th will be issued a $0.23 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Friday, February 12th.

Source Capital Company Profile

Source Capital, Inc NYSE: SOR is a publicly traded closed-end investment company. The fund's primary objective is to provide long-term growth of capital and income by investing in a portfolio of securities selected by its investment adviser.

Source Capital invests principally in publicly traded common stocks and other equity securities, with a value-oriented approach that emphasizes companies the adviser believes are attractively priced relative to their underlying business prospects.

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