1st Source Corporation (NASDAQ:SRCE) Short Interest Up 31.5% in March

1st Source Corporation (NASDAQ:SRCE) was the target of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 361,340 shares, a growth of 31.5% from the February 26th total of 274,748 shares. Approximately 1.9% of the company’s stock are short sold. Based on an average daily volume of 139,825 shares, the short-interest ratio is currently 2.6 days.

Institutional Investors Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 1st Source by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after acquiring an additional 8,614 shares in the last quarter. Geode Capital Management LLC raised its position in shares of 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock valued at $31,173,000 after purchasing an additional 14,643 shares during the last quarter. American Century Companies Inc. boosted its stake in 1st Source by 30.7% in the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock worth $20,890,000 after purchasing an additional 79,614 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in 1st Source by 49.3% in the 4th quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock worth $20,965,000 after purchasing an additional 110,711 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

1st Source Trading Down 0.4%

NASDAQ SRCE opened at $68.19 on Friday. 1st Source has a 52 week low of $52.14 and a 52 week high of $71.98. The company has a 50 day moving average price of $68.13 and a 200 day moving average price of $64.36. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.66 billion, a PE ratio of 10.64 and a beta of 0.63.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter. The business 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 forecast that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s 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.