Source Capital, Inc. (NYSE:SOR) Short Interest Up 82.2% in June

Key Points

• Source Capital’s short interest jumped 82.2% in June, rising to 7,442 shares as of June 30 from 4,085 shares two weeks earlier. Even so, only 0.4% of shares are sold short, with a days-to-cover ratio of 0.5 days.
• The stock was trading slightly lower at $46.22, near its 52-week range of $41.98 to $50.41 and close to both its 50-day and 200-day moving averages.
• Source Capital announced a monthly dividend of $0.2083 payable on August 31, implying an annualized yield of about 5.4%.

Source Capital, Inc. (NYSE:SOR - Get Free Report) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 7,442 shares, a growth of 82.2% from the June 15th total of 4,085 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average trading volume of 14,494 shares, the days-to-cover ratio is currently 0.5 days.

Source Capital Trading Down 0.6%

Source Capital stock opened at $46.22 on Friday. Source Capital has a 52 week low of $41.98 and a 52 week high of $50.41. The business's 50-day simple moving average is $45.64 and its 200-day simple moving average is $46.54.

Source Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Thursday, August 13th will be paid a $0.2083 dividend. The ex-dividend date is Thursday, August 13th. This represents a c) annualized dividend and a dividend yield of 5.4%.

Institutional Trading of Source Capital

Institutional investors have recently modified their holdings of the company. Align Financial LLC acquired a new stake in Source Capital during the fourth quarter worth $7,006,000. Diversified Management Inc. acquired a new stake in shares of Source Capital during the 4th quarter worth about $5,344,000. Evolve Private Wealth LLC bought a new stake in shares of Source Capital during the 4th quarter valued at $522,000. Shaker Financial Services LLC increased its holdings in Source Capital by 108.9% in the fourth quarter. Shaker Financial Services LLC now owns 19,324 shares of the financial services provider's stock valued at $884,000 after purchasing an additional 10,073 shares during the last quarter. Finally, DKM Wealth Management Inc. raised its position in shares of Source Capital by 3.2% in the 4th quarter. DKM Wealth Management Inc. now owns 294,862 shares of the financial services provider's stock valued at $13,493,000 after acquiring an additional 9,225 shares during the period. Institutional investors and hedge funds own 13.15% of the company's stock.

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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