Source Capital, Inc. (NYSE:SOR) Short Interest Down 31.3% in March

Source Capital, Inc. (NYSE:SOR) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 5,700 shares, a drop of 31.3% from the February 28th total of 8,300 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average daily volume of 14,700 shares, the short-interest ratio is currently 0.4 days.

Source Capital Stock Performance

Shares of NYSE SOR traded down $0.21 during trading hours on Friday, hitting $41.57. 17,091 shares of the company traded hands, compared to its average volume of 12,292. The company’s 50 day moving average price is $42.21 and its 200 day moving average price is $43.54. Source Capital has a 12 month low of $41.00 and a 12 month high of $47.91.

Source Capital Cuts Dividend

The company also recently announced a — dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a $0.2083 dividend. This represents a dividend yield of 6%. The ex-dividend date of this dividend is Thursday, May 15th.

Hedge Funds Weigh In On Source Capital

A number of large investors have recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new stake in Source Capital in the 4th quarter worth about $206,000. Cary Street Partners Financial LLC purchased a new stake in shares of Source Capital in the fourth quarter worth approximately $242,000. Congress Wealth Management LLC DE bought a new stake in shares of Source Capital during the 4th quarter worth approximately $357,000. Sanctuary Advisors LLC boosted its holdings in Source Capital by 7.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,059 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 988 shares during the period. Finally, Lake Street Advisors Group LLC grew its position in Source Capital by 3.4% in the 4th quarter. Lake Street Advisors Group LLC now owns 15,426 shares of the financial services provider’s stock valued at $712,000 after acquiring an additional 511 shares during the last quarter. 13.15% of the stock is owned by hedge funds and other institutional investors.

About Source Capital

Source Capital, Inc is a close-ended balanced fund launched and managed by First Pacific Advisors, LLC. The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating across diversified sectors. The fund primarily invests in value stocks of small to mid cap companies.