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

Shares of Source Capital, Inc. (NYSE:SOR) passed 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 trading hands.

Source Capital Price Performance

The company’s 50 day moving average price is $45.68 and its two-hundred day moving average price is $46.40.

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 paid a $0.2083 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a c) annualized dividend and a dividend yield of 5.4%.

Hedge Funds Weigh In On Source Capital

A number of hedge funds have recently modified their holdings of the business. Diversified Management Inc. purchased a new stake in Source Capital during the 4th quarter worth approximately $5,344,000. Uptown Financial Advisors LLC purchased a new position in Source Capital in the 4th quarter valued at approximately $276,000. First Trust Advisors LP boosted its position in 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 buying an additional 3,113 shares during the period. Assetmark Inc. grew its stake in shares of Source Capital by 15.9% in the first quarter. Assetmark Inc. now owns 3,586 shares of the financial services provider’s stock worth $166,000 after acquiring an additional 493 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Source Capital by 8.9% in the first quarter. Janney Montgomery Scott LLC now owns 7,338 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 600 shares in the last quarter. 13.15% of the stock is currently owned by hedge funds and other institutional investors.

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.