Source Capital (NYSE:SOR) Shares Cross Below 50 Day Moving Average - Should You Sell?

Key Points

• Source Capital shares fell below their 50-day moving average of $46.25, trading as low as $45.41 before last changing hands at $45.70.
• The company declared a monthly dividend of $0.2083 per share, implying an annualized 5.5% yield; the payment is scheduled for November 30 to shareholders of record November 13.
• Institutional investors and hedge funds own 13.15% of Source Capital, with several firms increasing their positions or initiating new stakes.

Source Capital, Inc. (NYSE:SOR - Get Free Report) shares crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $46.25 and traded as low as $45.41. Source Capital shares last traded at $45.70, with a volume of 5,366 shares traded.

Source Capital Price Performance

The business's 50-day moving average is $46.25 and its two-hundred day moving average is $46.02.

Source Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.2083 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Friday, November 13th.

Institutional Trading of Source Capital

A number of hedge funds and other institutional investors have recently modified their holdings of SOR. Readystate Asset Management LP acquired a new position in Source Capital in the 2nd quarter valued at $565,000. Diversified Management Inc. grew its holdings 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 worth $5,575,000 after purchasing an additional 3,316 shares in the last quarter. First Trust Advisors LP grew its holdings 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 worth $3,452,000 after purchasing an additional 3,113 shares in the last quarter. Manchester Capital Management LLC acquired a new stake in shares of Source Capital during the 4th quarter worth $68,000. Finally, Cary Street Partners Financial LLC increased its position in shares of Source Capital by 23.3% in the fourth quarter. Cary Street Partners Financial LLC now owns 5,964 shares of the financial services provider's stock worth $273,000 after purchasing an additional 1,128 shares during the period. Institutional investors and hedge funds own 13.15% of the company's stock.

About Source Capital

Source Capital, Inc NYSE: SOR is a diversified closed-end management investment company. The fund seeks long-term growth of capital and current income through investments in equity securities.

Its portfolio may include common stocks, preferred stocks, convertible securities and other investments issued by public and private companies. Source Capital generally follows a value-oriented approach and may invest across a range of industries and geographic markets, with an emphasis on identifying companies that the investment adviser believes are attractively valued.

Source Capital is managed by First Eagle Investment Management, LLC, an investment management firm known for value-oriented strategies.

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