Short Interest in 1st Source Co. (NASDAQ:SRCE) Grows By 43.5%

1st Source Co. (NASDAQ:SRCE) saw a significant growth in short interest in the month of 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. Approximately 0.9% of the shares of the company are sold short. Based on an average daily volume of 94,700 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its stake in 1st Source by 1.1% in the fourth 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 during the period. State Street Corp lifted its stake in shares of 1st Source by 1.7% in the third 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 in the last quarter. Alliancebernstein L.P. lifted its position in 1st Source by 2.6% in the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock valued at $30,349,000 after acquiring an additional 13,273 shares in the last quarter. Geode Capital Management LLC boosted 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, Millennium Management LLC lifted its holdings in shares of 1st Source by 34.3% in the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock valued at $11,901,000 after purchasing an additional 52,110 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Trading Down 0.5 %

Shares of SRCE stock traded down $0.30 on Tuesday, hitting $59.51. The company had a trading volume of 23,061 shares, compared to its average volume of 96,598. The stock’s 50-day moving average is $62.83 and its two-hundred day moving average is $61.56. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $1.46 billion, a P/E ratio of 11.10 and a beta of 0.78. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, equities research 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. Shareholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

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.