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

Key Points

• Short interest in Source Capital rose 58.7% to 2,562 shares as of September 30, though only about 0.1% of shares were sold short and the days-to-cover ratio remained low at 0.4 days.
• SOR shares traded at $45.37, near their 50-day and 200-day moving averages, and remained within a one-year range of $44.20 to $50.41.
• The company declared a monthly dividend of $0.2083 per share, equivalent to $2.50 annually and a 5.5% yield; institutional investors owned 13.15% of the stock.

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 2,562 shares, a growth of 58.7% from the September 15th total of 1,614 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily volume of 7,087 shares, the days-to-cover ratio is currently 0.4 days.

Source Capital Stock Performance

NYSE:SOR traded up $0.16 during mid-day trading on Friday, reaching $45.37. The stock had a trading volume of 529 shares, compared to its average volume of 11,839. The firm has a 50 day moving average price of $46.03 and a two-hundred day moving average price of $45.87. Source Capital has a one year low of $44.20 and a one year high of $50.41.

Source Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be given a dividend of $0.2083 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.50 annualized dividend and a yield of 5.5%.

Institutional Trading of Source Capital

A number of institutional investors have recently modified their holdings of SOR. PNC Financial Services Group Inc. increased its stake in shares of Source Capital by 1,900.0% during the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider's stock valued at $46,000 after buying an additional 950 shares during the period. Assetmark Inc. raised its holdings in Source Capital by 15.9% in the 1st quarter. Assetmark Inc. now owns 3,586 shares of the financial services provider's stock worth $166,000 after purchasing an additional 493 shares in the last quarter. Cetera Investment Advisers raised its holdings in Source Capital by 4.5% in the 1st quarter. Cetera Investment Advisers now owns 5,478 shares of the financial services provider's stock worth $254,000 after purchasing an additional 235 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Source Capital by 8.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 7,338 shares of the financial services provider's stock worth $340,000 after purchasing an additional 600 shares in the last quarter. Finally, Readystate Asset Management LP purchased a new stake in shares of Source Capital in the 2nd quarter worth about $565,000. 13.15% of the stock is currently owned by hedge funds and other institutional investors.

About Source Capital

Source Capital, Inc is a closed-end investment company listed on the New York Stock Exchange under the symbol SOR. The company seeks long-term growth of capital and current income by investing in a diversified portfolio of securities.

Its portfolio may include common and preferred stocks, convertible securities, and other investments in public and private companies. Source Capital has historically focused on identifying businesses with potential for capital appreciation while also pursuing income through dividends and interest.

The fund is managed as an investment portfolio rather than operating a conventional commercial business, and its investment exposure can span companies and industries in the United States and other markets.

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