Short Interest in 1st Source Co. (NASDAQ:SRCE) Grows By 49.4%

1st Source Co. (NASDAQ:SRCE) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 227,300 shares, a growth of 49.4% from the June 30th total of 152,100 shares. Based on an average daily volume of 71,200 shares, the short-interest ratio is currently 3.2 days. Approximately 1.2% of the company’s shares are short sold.

Insiders Place Their Bets

In other news, Director Daniel B. Fitzpatrick bought 1,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the acquisition, the director now owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Daniel B. Fitzpatrick acquired 1,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $49.65 per share, with a total value of $49,650.00. Following the completion of the purchase, the director now owns 48,542 shares in the company, valued at approximately $2,410,110.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the sale, the executive vice president now directly owns 68,327 shares in the company, valued at $3,473,744.68. The disclosure for this sale can be found here. Insiders own 19.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of 1st Source in the first quarter worth $628,000. Campbell & CO Investment Adviser LLC boosted its stake in 1st Source by 190.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock worth $1,297,000 after purchasing an additional 15,473 shares in the last quarter. Wellington Management Group LLP grew its position in 1st Source by 4.4% during the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after purchasing an additional 39,514 shares during the last quarter. Dean Capital Management increased its stake in 1st Source by 4.6% during the 4th quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock valued at $1,418,000 after purchasing an additional 1,126 shares in the last quarter. Finally, Denali Advisors LLC raised its holdings in 1st Source by 31.0% in the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after buying an additional 16,900 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

Analyst Ratings Changes

SRCE has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a report on Monday. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $60.00 to $67.50 in a research report on Monday.

1st Source Stock Down 3.1 %

Shares of NASDAQ SRCE traded down $2.00 during mid-day trading on Monday, hitting $63.47. 160,302 shares of the stock traded hands, compared to its average volume of 70,157. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 12.77 and a beta of 0.80. The stock has a fifty day moving average price of $53.49 and a 200-day moving average price of $51.80. 1st Source has a 52 week low of $40.96 and a 52 week high of $65.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to analysts’ expectations of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same quarter in the previous year, the business posted $1.30 EPS. Research analysts anticipate that 1st Source will post 4.84 EPS for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be given a $0.36 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Monday, August 5th. 1st Source’s payout ratio is currently 27.36%.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.