Source Capital, Inc. (NYSE:SOR – Get Free Report) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 2,562 shares, a growth of 58.7% from the September 15th total of 1,614 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 7,087 shares, the days-to-cover ratio is currently 0.4 days.
Institutional Investors Weigh In On Source Capital
A number of large investors have recently made changes to their positions in SOR. Readystate Asset Management LP acquired a new stake in shares of Source Capital in the second quarter valued at approximately $565,000. DKM Wealth Management Inc. lifted its position in Source Capital by 1.8% during the third quarter. DKM Wealth Management Inc. now owns 318,676 shares of the financial services provider’s stock worth $14,477,000 after buying an additional 5,580 shares in the last quarter. Diversified Management Inc. lifted its position in Source Capital by 2.8% during the second quarter. Diversified Management Inc. now owns 121,285 shares of the financial services provider’s stock worth $5,575,000 after buying an additional 3,316 shares in the last quarter. First Trust Advisors LP boosted its stake in Source Capital by 4.4% during the first quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider’s stock worth $3,452,000 after buying an additional 3,113 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Source Capital by 1,900.0% during the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock worth $46,000 after buying an additional 950 shares during the last quarter. 13.15% of the stock is currently owned by hedge funds and other institutional investors.
Source Capital Stock Up 0.9%
Shares of NYSE SOR opened at $45.63 on Friday. Source Capital has a 12-month low of $44.20 and a 12-month high of $50.41. The company has a 50-day moving average of $46.01 and a 200 day moving average of $45.87.
Source Capital Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.2083 per share. This represents a $2.50 annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Friday, November 13th.
Source Capital Company Profile
Source Capital, Inc is a closed-end investment company listed on the New York Stock Exchange under the symbol SOR. The company seeks long-term growth of capital and current income by investing in a diversified portfolio of securities.
Its portfolio may include common and preferred stocks, convertible securities, and other investments in public and private companies. Source Capital has historically focused on identifying businesses with potential for capital appreciation while also pursuing income through dividends and interest.
The fund is managed as an investment portfolio rather than operating a conventional commercial business, and its investment exposure can span companies and industries in the United States and other markets.
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