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

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the target of a significant increase in short interest in May. As of May 15th, there was short interest totalling 8,500 shares, an increase of 174.2% from the April 30th total of 3,100 shares. Currently, 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 12,500 shares, the days-to-cover ratio is currently 0.7 days.

Source Capital Trading Up 0.6%

Shares of NYSE:SOR traded up $0.26 during midday trading on Tuesday, hitting $42.69. 17,713 shares of the stock were exchanged, compared to its average volume of 12,557. Source Capital has a twelve month low of $38.66 and a twelve month high of $46.34. The company has a 50 day moving average price of $41.50 and a 200-day moving average price of $42.62.

Source Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be issued a $0.2083 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.86%.

Institutional Trading of Source Capital

Institutional investors and hedge funds have recently made changes to their positions in the stock. NBC Securities Inc. purchased a new stake in Source Capital during the 1st quarter worth about $40,000. Cornerstone Advisors LLC purchased a new stake in shares of Source Capital during the first quarter worth about $120,000. Jones Financial Companies Lllp purchased a new stake in shares of Source Capital during the fourth quarter worth about $206,000. Cary Street Partners Financial LLC acquired a new position in shares of Source Capital in the fourth quarter valued at approximately $242,000. Finally, Congress Wealth Management LLC DE purchased a new position in shares of Source Capital during the fourth quarter valued at approximately $357,000. 13.15% of the stock is currently owned by hedge funds and other institutional investors.

About Source Capital

Source Capital, Inc is a close-ended balanced fund launched and managed by First Pacific Advisors, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating across diversified sectors. The fund primarily invests in value stocks of small to mid cap companies.