Source Capital (NYSE:SOR) Share Price Passes Below 50-Day Moving Average – Time to Sell?

Shares of Source Capital, Inc. (NYSE:SOR) passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $46.25 and traded as low as $45.41. Source Capital shares last traded at $45.70, with a volume of 5,366 shares trading hands.

Source Capital Price Performance

The business has a 50-day moving average price of $46.23 and a 200-day moving average price of $46.01.

Source Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be given a dividend of $0.2083 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a c) annualized dividend and a dividend yield of 5.5%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Readystate Asset Management LP acquired a new position in shares of Source Capital in the second quarter valued at approximately $565,000. Diversified Management Inc. increased its holdings in Source Capital by 2.8% in the second quarter. Diversified Management Inc. now owns 121,285 shares of the financial services provider’s stock valued at $5,575,000 after buying an additional 3,316 shares during the last quarter. Cetera Investment Advisers raised 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 acquiring an additional 235 shares in the last quarter. First Trust Advisors LP raised its holdings in Source Capital by 4.4% during 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 in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Source Capital by 1,900.0% during the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 950 shares in the last quarter. 13.15% of the stock is currently owned by institutional investors and hedge funds.

About Source Capital

Source Capital, Inc (NYSE: SOR) is a diversified closed-end management investment company. The fund seeks long-term growth of capital and current income through investments in equity securities.

Its portfolio may include common stocks, preferred stocks, convertible securities and other investments issued by public and private companies. Source Capital generally follows a value-oriented approach and may invest across a range of industries and geographic markets, with an emphasis on identifying companies that the investment adviser believes are attractively valued.

Source Capital is managed by First Eagle Investment Management, LLC, an investment management firm known for value-oriented strategies.