Source Capital, Inc. (NYSE:SOR) Stock Short Interest Drops 61.5%

Source Capital, Inc. (NYSE:SOR) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 1,614 shares, a drop of 61.5% from the August 31st total of 4,193 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily volume of 13,796 shares, the short-interest ratio is currently 0.1 days.

Institutional Investors Weigh In On Source Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOR. Diversified Management Inc. grew its holdings 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 worth $5,575,000 after purchasing an additional 3,316 shares during the period. First Trust Advisors LP increased its position in Source Capital by 4.4% during the 1st 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. Anchor Investment Management LLC raised its holdings in Source Capital by 1.6% in the fourth quarter. Anchor Investment Management LLC now owns 31,885 shares of the financial services provider’s stock valued at $1,459,000 after buying an additional 511 shares during the period. Smith Asset Management Co. LLC raised its holdings 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 buying an additional 233 shares during the period. Finally, Readystate Asset Management LP acquired a new position in Source Capital during the second quarter valued at approximately $565,000. 13.15% of the stock is currently owned by institutional investors and hedge funds.

Source Capital Stock Down 0.6%

Shares of SOR traded down $0.25 during mid-day trading on Monday, reaching $45.15. The company had a trading volume of 1,905 shares, compared to its average volume of 12,137. Source Capital has a fifty-two week low of $44.20 and a fifty-two week high of $50.41. The firm has a fifty day simple moving average of $46.19 and a 200-day simple moving average of $45.93.

Source Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 13th will be issued a $0.2083 dividend. The ex-dividend date is Friday, November 13th. This represents a $2.50 dividend on an annualized basis and a yield of 5.5%.

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.