Source Capital (NYSE:SOR) Share Price Breaks Below 200-Day Moving Average – Time to Sell?

Source Capital, Inc. (NYSE:SOR) crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $46.28 and traded as low as $45.92. Source Capital shares last traded at $45.88, with a volume of 9,588 shares.

Source Capital Stock Down 1.1%

The firm has a 50 day simple moving average of $45.78 and a 200 day simple moving average of $46.28.

Source Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 26th. Stockholders of record on Friday, February 12th will be issued a $0.23 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend is Friday, February 12th.

Hedge Funds Weigh In On Source Capital

Large investors have recently modified their holdings of the company. DKM Wealth Management Inc. boosted its holdings in 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 valued at $14,477,000 after purchasing an additional 5,580 shares during the period. D.A. Davidson & CO. grew its position in shares of Source Capital by 1.3% during 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 purchasing an additional 2,233 shares in the last quarter. Diversified Management Inc. grew its position in shares of Source Capital by 2.8% during the 2nd quarter. Diversified Management Inc. now owns 121,285 shares of the financial services provider’s stock valued at $5,575,000 after purchasing an additional 3,316 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Source Capital by 4.4% in the first quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider’s stock worth $3,452,000 after purchasing an additional 3,113 shares during the period. Finally, Readystate Asset Management LP bought a new position in shares of Source Capital in the second quarter worth $565,000. 13.15% of the stock is currently owned by institutional investors.

About Source Capital

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.