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Source Capital, Inc. (NYSE:SOR) Sees Large Drop in Short Interest

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Source Capital, Inc. (NYSE:SOR – Get Rating) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,300 shares, a decrease of 29.8% from the May 31st total of 4,700 shares. Based on an average daily trading volume, of 19,700 shares, the days-to-cover ratio is presently 0.2 days.

Source Capital stock opened at $38.25 on Tuesday. The stock's 50 day moving average is $38.25 and its 200 day moving average is $40.56. Source Capital has a one year low of $36.20 and a one year high of $47.50.

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The company also recently declared a monthly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Tuesday, August 16th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, August 15th. This represents a $2.22 annualized dividend and a yield of 5.80%.

In other Source Capital news, VP Ryan A. Leggio purchased 1,000 shares of the business's stock in a transaction dated Thursday, June 2nd. The shares were bought at an average price of $39.55 per share, for a total transaction of $39,550.00. Following the completion of the acquisition, the vice president now owns 4,000 shares in the company, valued at $158,200. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark L. Lipson acquired 1,325 shares of the firm's stock in a transaction that occurred on Friday, July 1st. The stock was bought at an average price of $37.83 per share, with a total value of $50,124.75. Following the completion of the acquisition, the director now directly owns 4,046 shares of the company's stock, valued at $153,060.18. The disclosure for this purchase can be found here. Corporate insiders own 76.97% of the company's stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Widmann Financial Services Inc. bought a new stake in shares of Source Capital in the 4th quarter valued at $25,000. Moors & Cabot Inc. acquired a new position in Source Capital in the third quarter valued at $64,000. Jones Financial Companies Lllp bought a new stake in Source Capital during the first quarter valued at $145,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Source Capital during the 4th quarter worth about $235,000. Finally, Advisor Group Holdings Inc. raised its position in shares of Source Capital by 4.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 7,181 shares of the financial services provider's stock worth $310,000 after acquiring an additional 335 shares in the last quarter. Hedge funds and other institutional investors own 17.45% of the company's stock.

About Source Capital (Get Rating)

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.

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