Source Capital, Inc. (NYSE:SOR) Sees Large Decrease in Short Interest

Key Points

• Short interest fell sharply: Source Capital’s short interest dropped 44.7% to 4,119 shares as of July 15, representing 0.2% of shares outstanding and a 0.4-day short-interest ratio.
• Institutional ownership remains limited: Several investment firms recently initiated or increased positions, but institutional investors collectively own 13.15% of the company.
• Shares and dividend: SOR recently traded at $45.61, near its 52-week low of $43.16. The company declared a monthly dividend of $0.2083 per share, implying a 5.5% annualized yield.

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the target of a large decrease in short interest in the month of July. As of July 15th, there was short interest totaling 4,119 shares, a decrease of 44.7% from the June 30th total of 7,442 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 10,408 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Trading of Source Capital

Several hedge funds have recently bought and sold shares of SOR. WHI TRUST Co LLC acquired a new position in Source Capital during the 4th quarter valued at about $42,000. PNC Financial Services Group Inc. increased its stake in shares of Source Capital by 1,900.0% in 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 purchasing an additional 950 shares during the period. Manchester Capital Management LLC bought a new stake in shares of Source Capital during the fourth quarter valued at approximately $68,000. JPMorgan Chase & Co. raised its holdings in shares of Source Capital by 30.9% during the third quarter. JPMorgan Chase & Co. now owns 1,724 shares of the financial services provider's stock valued at $78,000 after buying an additional 407 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of Source Capital during the fourth quarter worth approximately $85,000. 13.15% of the stock is currently owned by institutional investors.

Source Capital Price Performance

NYSE SOR traded up $0.37 during trading hours on Wednesday, hitting $45.61. The company had a trading volume of 8,079 shares, compared to its average volume of 12,743. Source Capital has a fifty-two week low of $43.16 and a fifty-two week high of $50.41. The business has a fifty day simple moving average of $45.55 and a 200-day simple moving average of $46.47.

Source Capital Dividend Announcement

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

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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