Source Capital, Inc. (NYSE:SOR) Sees Significant Decrease in Short Interest
by Jessica Moore · The Cerbat GemSource Capital, Inc. (NYSE:SOR – Get Free Report) was the recipient of a large drop in short interest during the month of April. As of April 30th, there was short interest totaling 706 shares, a drop of 41.7% from the April 15th total of 1,210 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 13,589 shares, the days-to-cover ratio is currently 0.1 days.
Source Capital Stock Performance
Shares of Source Capital stock traded down $0.07 during midday trading on Monday, hitting $45.31. The company had a trading volume of 21,965 shares, compared to its average volume of 14,165. The company has a fifty day simple moving average of $46.04 and a 200 day simple moving average of $46.88. Source Capital has a 12-month low of $41.50 and a 12-month high of $50.41.
Source Capital Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Thursday, August 13th will be given a $0.2083 dividend. This represents a c) annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Thursday, August 13th.
Hedge Funds Weigh In On Source Capital
Several hedge funds and other institutional investors have recently modified their holdings of SOR. Align Financial LLC purchased a new position in shares of Source Capital in the 4th quarter valued at approximately $7,006,000. Diversified Management Inc. purchased a new position in Source Capital during the 4th quarter worth approximately $5,344,000. Evolve Private Wealth LLC purchased a new position in Source Capital during the 4th quarter worth approximately $522,000. Shaker Financial Services LLC raised its position in Source Capital by 108.9% during the 4th quarter. Shaker Financial Services LLC now owns 19,324 shares of the financial services provider’s stock worth $884,000 after buying an additional 10,073 shares during the last quarter. Finally, Capital Investment Counsel Inc purchased a new position in Source Capital during the 3rd quarter worth approximately $451,000. 13.15% of the stock is owned by hedge funds and other institutional investors.
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.