Source Capital (NYSE:SOR) Stock Passes Below 50-Day Moving Average – Here’s Why
by Jessica Moore · The Cerbat GemSource Capital, Inc. (NYSE:SOR – Get Free Report)’s share price crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $46.45 and traded as low as $46.05. Source Capital shares last traded at $46.51, with a volume of 40,530 shares changing hands.
Source Capital Stock Performance
The company has a 50 day moving average price of $46.45 and a 200 day moving average price of $46.81.
Source Capital Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Thursday, August 13th will be paid a dividend of $0.2083 per share. The ex-dividend date is Thursday, August 13th. This represents a c) annualized dividend and a yield of 5.4%.
Institutional Investors Weigh In On Source Capital
Hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP increased its holdings in shares of Source Capital by 2.0% during the second quarter. First Trust Advisors LP now owns 69,152 shares of the financial services provider’s stock valued at $2,999,000 after purchasing an additional 1,353 shares during the period. Raymond James Financial Inc. boosted its position in shares of Source Capital by 4.9% in the 2nd quarter. Raymond James Financial Inc. now owns 46,000 shares of the financial services provider’s stock valued at $1,995,000 after purchasing an additional 2,165 shares during the period. Osaic Holdings Inc. boosted its position in Source Capital by 120.1% during the 2nd quarter. Osaic Holdings Inc. now owns 11,811 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 6,445 shares during the period. Hara Capital LLC grew its stake in Source Capital by 1.7% during the 3rd quarter. Hara Capital LLC now owns 109,344 shares of the financial services provider’s stock valued at $4,923,000 after acquiring an additional 1,807 shares in the last quarter. Finally, Capital Investment Counsel Inc purchased a new position in Source Capital during the 3rd quarter valued at about $451,000. 13.15% of the stock is currently owned by institutional investors.
Source Capital Company Profile
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.