1st Source Corporation (NASDAQ:SRCE) Short Interest Update

1st Source Corporation (NASDAQ:SRCE) was the recipient of a significant growth in short interest during the month of February. As of February 13th, there was short interest totaling 276,655 shares, a growth of 30.7% from the January 29th total of 211,645 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average daily volume of 97,828 shares, the short-interest ratio is currently 2.8 days. Based on an average daily volume of 97,828 shares, the short-interest ratio is currently 2.8 days. Currently, 1.4% of the shares of the company are sold short.

1st Source Price Performance

Shares of NASDAQ SRCE traded up $1.30 during midday trading on Monday, reaching $68.31. The stock had a trading volume of 29,955 shares, compared to its average volume of 110,186. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 10.66 and a beta of 0.64. 1st Source has a 12-month low of $52.14 and a 12-month high of $71.98. The stock has a 50-day moving average of $66.58 and a 200-day moving average of $63.76. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96.

1st Source (NASDAQ:SRCE) last released its earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. The company had revenue of $115.39 million for the quarter. As a group, research analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.3%. 1st Source’s dividend payout ratio (DPR) is currently 24.96%.

Analyst Upgrades and Downgrades

SRCE has been the subject of a number of research reports. Piper Sandler upped their price objective on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Finally, 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. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $75.33.

Insiders Place Their Bets

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total transaction 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. The trade was a 2.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 19.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 1st Source

Institutional investors have recently added to or reduced their stakes in the stock. Midwest Trust Co bought a new stake in 1st Source in the second quarter worth $775,000. American Century Companies Inc. lifted its position in 1st Source by 37.6% during the second quarter. American Century Companies Inc. now owns 259,724 shares of the financial services provider’s stock valued at $16,121,000 after purchasing an additional 70,961 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 1st Source by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 122,739 shares of the financial services provider’s stock worth $7,618,000 after buying an additional 1,658 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 1st Source by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 480,822 shares of the financial services provider’s stock worth $29,846,000 after buying an additional 19,596 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its position in shares of 1st Source by 3.8% during the 2nd quarter. Kennedy Capital Management LLC now owns 278,829 shares of the financial services provider’s stock valued at $17,307,000 after buying an additional 10,184 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Company Profile

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.