Source Capital (NYSE:SOR) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Source Capital, Inc. (NYSE:SOR) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $45.68 and traded as high as $46.97. Source Capital shares last traded at $46.5750, with a volume of 14,958 shares changing hands.

Source Capital Price Performance

The stock has a 50 day moving average of $45.73 and a 200-day moving average of $46.40.

Source Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 13th will be paid a $0.2083 dividend. The ex-dividend date is Friday, November 13th. This represents a c) dividend on an annualized basis and a dividend yield of 5.3%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Diversified Management Inc. boosted its position in Source Capital by 2.8% in 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 in the last quarter. Cetera Investment Advisers increased its holdings 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 valued at $254,000 after purchasing an additional 235 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Source Capital by 4.4% in the 1st quarter. First Trust Advisors LP now owns 74,530 shares of the financial services provider’s stock valued at $3,452,000 after purchasing an additional 3,113 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Source Capital by 1,900.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 950 shares during the period. Finally, Assetmark Inc. boosted its holdings in Source Capital by 15.9% during the first quarter. Assetmark Inc. now owns 3,586 shares of the financial services provider’s stock worth $166,000 after buying an additional 493 shares in the last quarter. 13.15% of the stock is currently owned by hedge funds and other 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.