Short Interest in 1st Source Co. (NASDAQ:SRCE) Increases By 69.7%

1st Source Co. (NASDAQ:SRCE) saw a large increase in short interest in March. As of March 31st, there was short interest totalling 264,400 shares, an increase of 69.7% from the March 15th total of 155,800 shares. Based on an average trading volume of 100,300 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.4% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SRCE shares. Keefe, Bruyette & Woods increased their price target on shares of 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 upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Tuesday, April 8th.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $54.55 on Thursday. 1st Source has a one year low of $47.30 and a one year high of $68.13. The business’s 50-day moving average price is $61.04 and its two-hundred day moving average price is $61.13. 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 capitalization of $1.34 billion, a P/E ratio of 10.18 and a beta of 0.67.

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%. Analysts anticipate that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.64%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SRCE. R Squared Ltd bought a new stake in 1st Source in the fourth quarter worth $40,000. Financial Life Planners acquired a new stake in shares of 1st Source in the fourth quarter worth about $48,000. Jones Financial Companies Lllp boosted its stake in shares of 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 465 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in shares of 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 977 shares during the last quarter. Finally, Aquatic Capital Management LLC raised its stake in shares of 1st Source by 14.3% in the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 315 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

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.