1st Source Co. (NASDAQ:SRCE) Short Interest Up 17.7% in January

1st Source Co. (NASDAQ:SRCE) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 178,800 shares, an increase of 17.7% from the January 15th total of 151,900 shares. Based on an average trading volume of 76,100 shares, the short-interest ratio is presently 2.3 days. Currently, 1.0% of the company’s stock are short sold.

1st Source Stock Down 0.7 %

Shares of SRCE stock opened at $66.36 on Monday. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13. The stock’s fifty day moving average price is $60.70 and its 200 day moving average price is $60.74. 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 company has a market cap of $1.63 billion, a price-to-earnings ratio of 12.38 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 12.07% and a net margin of 23.10%. On average, research analysts expect that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.17%. 1st Source’s payout ratio is presently 26.87%.

Institutional Trading of 1st Source

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in 1st Source by 1.1% during 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 purchasing an additional 6,569 shares during the last quarter. State Street Corp grew its stake in 1st Source by 1.7% during the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after purchasing an additional 9,235 shares during the last quarter. Alliancebernstein L.P. grew its stake in 1st Source by 2.6% during the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock valued at $30,349,000 after purchasing an additional 13,273 shares during the last quarter. Geode Capital Management LLC grew its stake in 1st Source by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after purchasing an additional 3,780 shares during the last quarter. Finally, Northern Trust Corp grew its stake in 1st Source by 5.2% during the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider’s stock valued at $10,767,000 after purchasing an additional 9,165 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, February 1st.

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.