1st Source Co. (NASDAQ:SRCE) Short Interest Update

1st Source Co. (NASDAQ:SRCE) was the target of a large increase in short interest in 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. Based on an average daily trading volume, of 94,700 shares, the short-interest ratio is presently 1.6 days. Approximately 0.9% of the shares of the stock are short sold.

Analyst Ratings Changes

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

1st Source Trading Down 0.1 %

SRCE stock traded down $0.04 during midday trading on Monday, reaching $60.22. The stock had a trading volume of 9,640 shares, compared to its average volume of 78,711. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 11.23 and a beta of 0.78. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $62.79 and a two-hundred day simple moving average of $61.55.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, research analysts expect that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors 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 dividend on an annualized basis and a yield of 2.39%. 1st Source’s dividend payout ratio is presently 26.87%.

Hedge Funds Weigh In On 1st Source

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new stake in shares of 1st Source in the 3rd quarter valued at approximately $413,000. Charles Schwab Investment Management Inc. boosted its position in shares of 1st Source by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock worth $35,112,000 after purchasing an additional 1,872 shares in the last quarter. FMR LLC grew its holdings in shares of 1st Source by 6.1% in the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock valued at $7,223,000 after buying an additional 6,981 shares during the period. Quantbot Technologies LP acquired a new stake in shares of 1st Source during the third quarter worth about $122,000. Finally, Martingale Asset Management L P raised its position in shares of 1st Source by 7.3% during the third quarter. Martingale Asset Management L P now owns 40,323 shares of the financial services provider’s stock worth $2,415,000 after purchasing an additional 2,760 shares during the period. Institutional investors own 74.45% of the company’s stock.

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.