Short Interest in 1st Source Corporation (NASDAQ:SRCE) Expands By 30.7%

1st Source Corporation (NASDAQ:SRCE) was the target of a large growth in short interest in 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 stock are short sold. Based on an average trading volume of 97,828 shares, the short-interest ratio is currently 2.8 days. Based on an average trading volume of 97,828 shares, the short-interest ratio is currently 2.8 days. Currently, 1.4% of the shares of the stock are short sold.

1st Source Trading Up 0.3%

Shares of 1st Source stock traded up $0.22 during trading on Tuesday, hitting $68.04. The stock had a trading volume of 89,740 shares, compared to its average volume of 104,193. 1st Source has a 12 month low of $52.14 and a 12 month high of $71.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s fifty day simple moving average is $66.71 and its 200-day simple moving average is $63.86. The stock has a market cap of $1.66 billion, a PE ratio of 10.61 and a beta of 0.63.

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

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, February 3rd. 1st Source’s dividend payout ratio (DPR) is currently 24.96%.

Insider Activity at 1st Source

In related news, VP John B. Griffith sold 1,900 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total value of $125,419.00. Following the completion of the transaction, the vice president directly owned 65,976 shares of the company’s stock, 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 19.55% of the company’s stock.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently bought and sold shares of the business. Midwest Trust Co bought a new position in 1st Source during the 2nd quarter worth about $775,000. American Century Companies Inc. lifted its position in shares of 1st Source by 37.6% in the 2nd quarter. American Century Companies Inc. now owns 259,724 shares of the financial services provider’s stock worth $16,121,000 after purchasing an additional 70,961 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of 1st Source by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 122,739 shares of the financial services provider’s stock valued at $7,618,000 after purchasing an additional 1,658 shares in the last quarter. Kelman Lazarov Inc. bought a new position in 1st Source in the third quarter worth approximately $1,442,000. Finally, Geode Capital Management LLC lifted its holdings in 1st Source by 4.2% during the second 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 period. Institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

SRCE has been the subject of several research reports. DA Davidson increased their price objective on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Piper Sandler upped their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $75.33.

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.