Source Capital (NYSE:SOR) Stock Price Crosses Below 50-Day Moving Average – What’s Next?

Source Capital, Inc. (NYSE:SOR)’s stock price crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $45.84 and traded as low as $45.13. Source Capital shares last traded at $45.35, with a volume of 11,147 shares trading hands.

Source Capital Price Performance

The business’s 50-day simple moving average is $45.85 and its 200-day simple moving average is $46.77.

Source Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Thursday, August 13th will be paid a $0.2083 dividend. The ex-dividend date is Thursday, August 13th. This represents a c) dividend on an annualized basis and a yield of 5.5%.

Institutional Trading of Source Capital

A number of institutional investors and hedge funds have recently made changes to their positions in SOR. Smith Asset Management Co. LLC increased its stake in Source Capital by 0.8% in the fourth quarter. Smith Asset Management Co. LLC now owns 28,345 shares of the financial services provider’s stock valued at $1,297,000 after acquiring an additional 233 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Source Capital by 4.5% during the 1st quarter. Cetera Investment Advisers now owns 5,478 shares of the financial services provider’s stock worth $254,000 after buying an additional 235 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Source Capital by 4.3% in the third quarter. NewEdge Advisors LLC now owns 7,334 shares of the financial services provider’s stock valued at $330,000 after buying an additional 300 shares in the last quarter. JPMorgan Chase & Co. increased its position in Source Capital by 30.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,724 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 407 shares in the last quarter. Finally, Assetmark Inc. boosted its position in shares of Source Capital by 15.9% during the 1st quarter. Assetmark Inc. now owns 3,586 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 493 shares in the last quarter. Institutional investors own 13.15% of the company’s stock.

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.