1st Source Corporation (NASDAQ:SRCE) Sees Significant Growth in Short Interest

1st Source Corporation (NASDAQ:SRCE) was the recipient of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 211,645 shares, an increase of 24.0% from the January 15th total of 170,676 shares. Based on an average daily volume of 132,328 shares, the short-interest ratio is presently 1.6 days. Currently, 1.1% of the company’s stock are sold short. Currently, 1.1% of the company’s stock are sold short. Based on an average daily volume of 132,328 shares, the short-interest ratio is presently 1.6 days.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SRCE. Piper Sandler raised their price target on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. DA Davidson increased their price objective on shares of 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.33.

Insider Buying and Selling at 1st Source

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total value of $125,419.00. Following the completion of the sale, the vice president directly owned 65,976 shares in the company, valued at approximately $4,355,075.76. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 19.55% of the stock is owned by insiders.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC lifted its stake in 1st Source by 317.4% in the 4th quarter. Squarepoint Ops LLC now owns 15,251 shares of the financial services provider’s stock worth $953,000 after purchasing an additional 11,597 shares in the last quarter. Mariner LLC acquired a new stake in shares of 1st Source in the fourth quarter valued at approximately $361,000. Kennedy Capital Management LLC lifted its position in 1st Source by 19.8% during the fourth quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock worth $19,918,000 after buying an additional 52,787 shares in the last quarter. Barclays PLC boosted its stake in 1st Source by 22.0% during the fourth quarter. Barclays PLC now owns 50,498 shares of the financial services provider’s stock worth $3,156,000 after buying an additional 9,097 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in 1st Source by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after buying an additional 8,614 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Price Performance

Shares of SRCE stock traded up $0.52 during mid-day trading on Monday, hitting $70.47. 127,372 shares of the stock were exchanged, compared to its average volume of 111,306. The firm has a fifty day moving average of $65.83 and a 200 day moving average of $63.06. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source has a 52-week low of $52.14 and a 52-week high of $71.00. The company has a market cap of $1.72 billion, a PE ratio of 10.99 and a beta of 0.64.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.07. 1st Source had a return on equity of 12.60% and a net margin of 26.38%.The company had revenue of $115.39 million for the quarter, compared to the consensus estimate of $110.92 million. Research analysts anticipate that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s dividend payout ratio is 24.96%.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.