The Board of Directors of Source Capital, Inc. (NYSE:SOR), today approved a 7% increase in the regular quarterly distribution on the Company’s common stock to 75 cents a common share, payable Mar. 15, 2013, to shareholders of record as of the close of business Feb. 22, 2013. The previous rate was 70 cents a common share. Source Capital, Inc. is a closed-end investment company managed by First Pacific Advisors, LLC.
Looking at the universe of stocks we cover at Dividend Channel, on 2/18/15, Source Capital Incorporated will trade ex-dividend, for its quarterly dividend of $0.85, payable on 3/15/15. As a percentage of SOR's recent stock price of $70.70, this dividend works out to approximately 1.20%, so look for shares of Source Capital Incorporated to trade 1.20% lower — all else being equal — when SOR shares open for trading on 2/18/15.