Source Capital (NYSE:SOR) Shares Pass Below 50-Day Moving Average – Here’s What Happened

Source Capital, Inc. (NYSE:SOR)’s stock price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $46.31 and traded as low as $46.22. Source Capital shares last traded at $46.4710, with a volume of 11,744 shares traded.

Source Capital Stock Performance

The stock’s 50-day moving average price is $46.31 and its 200 day moving average price is $46.85.

Source Capital Announces Dividend

The firm 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 dividend of $0.2083 per share. The ex-dividend date is Thursday, August 13th. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%.

Hedge Funds Weigh In On Source Capital

A number of hedge funds and other institutional investors have recently modified their holdings of SOR. PNC Financial Services Group Inc. boosted its stake in Source Capital by 1,900.0% in the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock valued at $46,000 after acquiring an additional 950 shares in the last quarter. Assetmark Inc. boosted its stake in Source Capital by 15.9% in the first quarter. Assetmark Inc. now owns 3,586 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 493 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in Source Capital by 8.9% in the first quarter. Janney Montgomery Scott LLC now owns 7,338 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 600 shares in the last quarter. Anchor Investment Management LLC boosted its stake in Source Capital by 1.6% in the fourth quarter. Anchor Investment Management LLC now owns 31,885 shares of the financial services provider’s stock valued at $1,459,000 after acquiring an additional 511 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Source Capital by 10.5% in 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 in the last quarter. 13.15% of the stock is currently owned by 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.