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

Key Points

• Short interest fell 16.2% in March to 2,928 shares (about 0.2% of the company’s stock), leaving a short-interest ratio of roughly 0.2 days based on average daily volume.
• Dividend: Source Capital declared a monthly payout of $0.2083 per share (annualized yield ~5.6%), payable May 29 to shareholders of record on May 14 (ex-dividend May 14).
• Shares opened at $44.50 with a 12‑month range of $38.66–$50.41 and moving averages of $47.52 (50-day) and $46.70 (200-day); institutional and hedge fund ownership stands at about 13.15%.

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the recipient of a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 2,928 shares, a drop of 16.2% from the February 26th total of 3,492 shares. Currently, 0.2% of the company's stock are sold short. Based on an average daily trading volume, of 13,249 shares, the short-interest ratio is currently 0.2 days.

Source Capital Price Performance

Shares of SOR opened at $44.50 on Monday. Source Capital has a twelve month low of $38.66 and a twelve month high of $50.41. The firm's 50 day moving average price is $47.52 and its two-hundred day moving average price is $46.70.

Source Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be issued a dividend of $0.2083 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Thursday, May 14th.

Hedge Funds Weigh In On Source Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DKM Wealth Management Inc. increased its holdings in Source Capital by 3.2% during the 4th quarter. DKM Wealth Management Inc. now owns 294,862 shares of the financial services provider's stock worth $13,493,000 after purchasing an additional 9,225 shares in the last quarter. Align Financial LLC bought a new stake in shares of Source Capital in the fourth quarter valued at about $7,006,000. Diversified Management Inc. bought a new stake in shares of Source Capital in the fourth quarter valued at about $5,344,000. Hara Capital LLC boosted its position 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 buying an additional 1,807 shares during the period. Finally, First Trust Advisors LP boosted its position 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 buying an additional 3,717 shares during the period. 13.15% of the stock is owned by institutional investors and hedge funds.

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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