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

1st Source Corporation (NASDAQ:SRCE) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totaling 481,911 shares, an increase of 24.3% from the March 31st total of 387,699 shares. Based on an average daily trading volume, of 157,803 shares, the days-to-cover ratio is currently 3.1 days. Currently, 2.5% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research firms recently commented on SRCE. DA Davidson restated a “neutral” rating and set a $74.00 target price on shares of 1st Source in a research report on Monday. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Finally, Piper Sandler boosted their target price on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.00.

1st Source Price Performance

SRCE stock traded up $0.67 during mid-day trading on Friday, hitting $74.20. 71,476 shares of the stock were exchanged, compared to its average volume of 135,444. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $70.23 and a 200 day moving average price of $66.12. 1st Source has a 12 month low of $56.89 and a 12 month high of $76.44. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 11.39 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The firm had revenue of $112.25 million for the quarter, compared to the consensus estimate of $111.88 million. On average, sell-side analysts anticipate that 1st Source will post 6.78 EPS for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be paid a $0.43 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. 1st Source’s dividend payout ratio is presently 24.54%.

Institutional Investors Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Money Concepts Capital Corp bought a new stake in shares of 1st Source in the 1st quarter valued at about $228,000. Granite Investment Partners LLC lifted its stake in shares of 1st Source by 13.1% in the 1st quarter. Granite Investment Partners LLC now owns 6,101 shares of the financial services provider’s stock valued at $422,000 after acquiring an additional 709 shares during the last quarter. Financial Life Planners bought a new stake in shares of 1st Source in the 1st quarter valued at about $197,000. Pictet Asset Management Holding SA bought a new stake in shares of 1st Source in the 1st quarter valued at about $227,000. Finally, SG Americas Securities LLC lifted its stake in shares of 1st Source by 191.1% in the 1st quarter. SG Americas Securities LLC now owns 32,378 shares of the financial services provider’s stock valued at $2,241,000 after acquiring an additional 21,254 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

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.