1st Source Co. (NASDAQ:SRCE) Short Interest Up 43.5% in March

1st Source Co. (NASDAQ:SRCE) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 155,800 shares, an increase of 43.5% from the February 28th total of 108,600 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 94,700 shares, the days-to-cover ratio is presently 1.6 days.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SRCE. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods raised their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Saturday, March 22nd.

Hedge Funds Weigh In On 1st Source

Several hedge funds and other institutional investors have recently modified their holdings of the stock. R Squared Ltd bought a new stake in 1st Source during the 4th quarter valued at approximately $40,000. Financial Life Planners bought a new stake in shares of 1st Source during the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp grew its stake in 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 465 shares during the period. Picton Mahoney Asset Management raised its holdings in 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 977 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in 1st Source during the third quarter valued at $122,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 0.5 %

Shares of NASDAQ SRCE traded down $0.30 during midday trading on Tuesday, reaching $59.51. The company had a trading volume of 23,061 shares, compared to its average volume of 96,598. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a one year low of $47.30 and a one year high of $68.13. The firm’s fifty day moving average price is $62.83 and its 200-day moving average price is $61.56. The stock has a market cap of $1.46 billion, a PE ratio of 11.10 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, equities research analysts anticipate that 1st Source will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.42%. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.