Short Interest in Source Capital, Inc. (NYSE:SOR) Drops By 43.0%

Key Points

• Short interest fell 43.0% to 1,669 shares as of March 31, representing about 0.1% of shares short and a very low short-interest ratio of 0.2 days based on average daily volume.
• Source Capital declared a monthly dividend of $0.2083 per share (ex-dividend and record date May 14) payable May 29, implying an annualized yield of about 5.4%.
• Several institutions have added or initiated positions—DKM Wealth, Align Financial and Diversified Management among them—and overall institutional ownership stands at 13.15%.

Source Capital, Inc. (NYSE:SOR - Get Free Report) saw a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 1,669 shares, a decline of 43.0% from the March 15th total of 2,928 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 9,881 shares, the short-interest ratio is presently 0.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. DKM Wealth Management Inc. raised its holdings in shares of Source Capital by 3.2% in the fourth quarter. DKM Wealth Management Inc. now owns 294,862 shares of the financial services provider's stock worth $13,493,000 after buying an additional 9,225 shares during the last quarter. Align Financial LLC purchased a new position in shares of Source Capital in the fourth quarter worth $7,006,000. Diversified Management Inc. purchased a new position in shares of Source Capital during the fourth quarter worth $5,344,000. Hara Capital LLC raised its holdings in shares of Source Capital by 1.7% during the third quarter. Hara Capital LLC now owns 109,344 shares of the financial services provider's stock worth $4,923,000 after purchasing an additional 1,807 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Source Capital by 5.4% during the third quarter. First Trust Advisors LP now owns 72,869 shares of the financial services provider's stock worth $3,281,000 after purchasing an additional 3,717 shares during the last quarter. Hedge funds and other institutional investors own 13.15% of the company's stock.

Source Capital Trading Up 0.6%

Shares of NYSE SOR traded up $0.28 during midday trading on Monday, reaching $46.02. The company had a trading volume of 6,438 shares, compared to its average volume of 13,293. The business's 50-day simple moving average is $47.04 and its 200 day simple moving average is $46.73. Source Capital has a 1 year low of $39.46 and a 1 year high of $50.41.

Source Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 14th will be issued a $0.2083 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%.

About Source Capital

Source Capital Inc is an externally managed specialty finance company that provides flexible financing solutions to U.S. middle-market companies. Structured as a closed-end investment company, it focuses on investing in both debt and equity securities of businesses seeking growth capital, refinancing, acquisitions, recapitalizations and other strategic initiatives.

The company's investment strategy encompasses senior secured loans, unitranche facilities, second-lien financings, mezzanine debt and equity co-investments.

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