Source Capital (NYSE:SOR) Stock Price Breaks Below 200-Day Moving Average - Here's What Happened

Key Points

• Source Capital shares fell 1.1%, trading as low as $45.92 and closing around $45.88, below the stock’s 200-day moving average of $46.28.
• The company declared a monthly dividend of $0.23 per share, payable February 26 to shareholders of record February 12. The dividend implies annualized payments of $2.76 and a 6.0% yield.
• Institutional investors made modest increases to their holdings, while institutions collectively owned 13.15% of Source Capital at the time of the report.

Source Capital, Inc. (NYSE:SOR - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $46.28 and traded as low as $45.92. Source Capital shares last traded at $45.88, with a volume of 9,588 shares trading hands.

Source Capital Stock Down 1.1%

The business has a 50 day simple moving average of $45.78 and a two-hundred day simple moving average of $46.28.

Source Capital Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Readystate Asset Management LP purchased a new position in Source Capital in the 2nd quarter worth approximately $565,000. DKM Wealth Management Inc. increased its holdings in shares of Source Capital by 1.8% in the 3rd quarter. DKM Wealth Management Inc. now owns 318,676 shares of the financial services provider's stock worth $14,477,000 after buying an additional 5,580 shares during the last quarter. Diversified Management Inc. raised its position 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 buying an additional 3,316 shares in the last quarter. First Trust Advisors LP raised 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 buying an additional 3,113 shares in the last quarter. Finally, D.A. Davidson & CO. raised its position in shares of Source Capital by 1.3% during the 3rd quarter. D.A. Davidson & CO. now owns 169,153 shares of the financial services provider's stock valued at $7,685,000 after buying an additional 2,233 shares in the last quarter. 13.15% of the stock is currently owned by institutional investors.

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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