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

1st Source Corporation (NASDAQ:SRCE) was the recipient of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 211,645 shares, an increase of 24.0% from the January 15th total of 170,676 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average trading volume of 132,328 shares, the days-to-cover ratio is presently 1.6 days. Based on an average trading volume of 132,328 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.1% of the company’s shares are sold short.

Insider Activity

In other 1st Source news, VP John B. Griffith sold 1,900 shares of 1st Source stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total transaction of $125,419.00. Following the transaction, the vice president directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. The trade was a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 19.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Midwest Trust Co purchased a new stake in shares of 1st Source in the second quarter valued at about $775,000. KLP Kapitalforvaltning AS increased its stake in shares of 1st Source by 33.3% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 4,400 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 1,100 shares in the last quarter. American Century Companies Inc. raised its position in shares of 1st Source by 37.6% during 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 last quarter. Bank of New York Mellon Corp lifted its stake in 1st Source by 1.4% in the 2nd 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 buying an additional 1,658 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in 1st Source by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 480,822 shares of the financial services provider’s stock valued at $29,846,000 after buying an additional 19,596 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Up 0.7%

NASDAQ:SRCE traded up $0.52 during mid-day trading on Monday, hitting $70.47. The stock had a trading volume of 127,372 shares, compared to its average volume of 111,306. 1st Source has a twelve month low of $52.14 and a twelve month high of $71.00. The stock has a 50-day simple moving average of $65.83 and a two-hundred day simple moving average of $63.06. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.72 billion, a PE ratio of 10.99 and a beta of 0.64.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, February 5th. The financial services provider reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.07. The company had revenue of $115.39 million for the quarter, compared to the consensus estimate of $110.92 million. 1st Source had a net margin of 26.38% and a return on equity of 12.60%. On average, equities research analysts anticipate that 1st Source will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Tuesday, February 3rd. 1st Source’s payout ratio is 24.96%.

Wall Street Analysts Forecast Growth

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

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.