Source Capital, Inc. (NYSE:SOR) Sees Significant Growth in Short Interest

Source Capital, Inc. (NYSE:SOR) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 4,408 shares, a growth of 72.1% from the September 30th total of 2,562 shares. Based on an average daily volume of 8,400 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.2% of the company’s shares are sold short.

Source Capital Stock Down 0.4%

Shares of SOR opened at $46.55 on Wednesday. The stock’s 50-day moving average price is $45.78 and its two-hundred day moving average price is $46.27. Source Capital has a 12 month low of $44.20 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 Friday, February 26th. Stockholders of record on Friday, February 12th will be given a dividend of $0.23 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date is Friday, February 12th.

Hedge Funds Weigh In On Source Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. DKM Wealth Management Inc. raised its holdings in shares of Source Capital by 1.8% in the 3rd quarter. DKM Wealth Management Inc. now owns 318,676 shares of the financial services provider’s stock worth $14,477,000 after acquiring an additional 5,580 shares during the last quarter. D.A. Davidson & CO. lifted its position in Source Capital by 1.3% in the 3rd quarter. D.A. Davidson & CO. now owns 169,153 shares of the financial services provider’s stock valued at $7,685,000 after acquiring an additional 2,233 shares in the last quarter. Diversified Management Inc. lifted its position in Source Capital by 0.7% in the 3rd quarter. Diversified Management Inc. now owns 122,077 shares of the financial services provider’s stock valued at $5,546,000 after acquiring an additional 792 shares in the last quarter. First Trust Advisors LP boosted its stake in Source Capital by 4.4% during the 1st quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider’s stock valued at $3,452,000 after purchasing an additional 3,113 shares during the last quarter. Finally, Readystate Asset Management LP acquired a new position in Source Capital during the 2nd quarter valued at about $565,000. 13.15% of the stock is owned by institutional investors and hedge funds.

Source Capital Company Profile

Source Capital, Inc (NYSE: SOR) is a publicly traded closed-end investment company. The fund’s primary objective is to provide long-term growth of capital and income by investing in a portfolio of securities selected by its investment adviser.

Source Capital invests principally in publicly traded common stocks and other equity securities, with a value-oriented approach that emphasizes companies the adviser believes are attractively priced relative to their underlying business prospects.