1st Source Co. (NASDAQ:SRCE) Short Interest Update

1st Source Co. (NASDAQ:SRCE) saw a large growth in short interest in March. As of March 15th, there was short interest totalling 155,800 shares, a growth of 43.5% from the February 28th total of 108,600 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily volume of 94,700 shares, the short-interest ratio is currently 1.6 days.

1st Source Trading Down 1.7 %

Shares of SRCE traded down $1.03 during mid-day trading on Friday, reaching $60.25. The stock had a trading volume of 86,970 shares, compared to its average volume of 78,984. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The business’s fifty day moving average is $62.79 and its 200 day moving average is $61.52. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 11.24 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, sell-side analysts predict that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is 26.87%.

Hedge Funds Weigh In On 1st Source

Large investors have recently made changes to their positions in the stock. Jane Street Group LLC lifted its stake in 1st Source by 152.7% during the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. State Street Corp raised its holdings in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after buying an additional 9,235 shares during the period. Barclays PLC lifted its stake in 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after acquiring an additional 25,687 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after acquiring an additional 24,470 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in 1st Source by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock valued at $34,616,000 after acquiring an additional 6,569 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SRCE. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, March 22nd. Keefe, Bruyette & Woods raised their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Finally, Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Company Profile

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.