Source Capital (NYSE:SOR) Stock Passes Below Fifty Day Moving Average – What’s Next?

Shares of Source Capital, Inc. (NYSE:SOR) crossed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $47.87 and traded as low as $47.00. Source Capital shares last traded at $47.31, with a volume of 16,842 shares.

Source Capital Stock Performance

The firm has a 50 day simple moving average of $47.87 and a two-hundred day simple moving average of $46.47.

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 paid a dividend of $0.2083 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%. 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 bought and sold shares of the stock. Anchor Investment Management LLC raised its position in shares of Source Capital by 1.6% during the 4th quarter. Anchor Investment Management LLC now owns 31,885 shares of the financial services provider’s stock worth $1,459,000 after buying an additional 511 shares in the last quarter. Invesco Ltd. increased its stake in shares of Source Capital by 10.5% during the fourth quarter. Invesco Ltd. now owns 30,487 shares of the financial services provider’s stock valued at $1,395,000 after acquiring an additional 2,891 shares during the period. Smith Asset Management Co. LLC raised its holdings in Source Capital by 0.8% during the fourth quarter. Smith Asset Management Co. LLC now owns 28,345 shares of the financial services provider’s stock worth $1,297,000 after purchasing an additional 233 shares in the last quarter. Evolve Private Wealth LLC acquired a new stake in Source Capital in the fourth quarter worth approximately $522,000. Finally, Align Financial LLC bought a new position in Source Capital during the 4th quarter valued at $7,006,000. Institutional investors own 13.15% of the company’s stock.

Source Capital Company Profile

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.