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

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1st Source Co. (NASDAQ:SRCE) saw a significant increase in short interest during the month of March. As of March 13th, there was short interest totalling 156,200 shares, an increase of 60.4% from the February 27th total of 97,400 shares. Based on an average daily trading volume, of 65,800 shares, the days-to-cover ratio is presently 2.4 days. Approximately 0.9% of the shares of the company are sold short.

SRCE has been the topic of several research analyst reports. BidaskClub downgraded shares of 1st Source from a “sell” rating to a “strong sell” rating in a report on Saturday, January 11th. Zacks Investment Research cut shares of 1st Source from a “buy” rating to a “hold” rating in a research report on Tuesday, December 24th.

In other 1st Source news, CEO Christopher J. Murphy III acquired 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average price of $28.76 per share, with a total value of $71,900.00. Following the completion of the acquisition, the chief executive officer now owns 513,371 shares in the company, valued at approximately $14,764,549.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 20.22% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in SRCE. California State Teachers Retirement System increased its holdings in shares of 1st Source by 1.2% during the third quarter. California State Teachers Retirement System now owns 21,989 shares of the financial services provider’s stock valued at $1,006,000 after acquiring an additional 262 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of 1st Source by 0.8% during the 4th quarter. Russell Investments Group Ltd. now owns 58,100 shares of the financial services provider’s stock valued at $3,012,000 after buying an additional 440 shares in the last quarter. Swiss National Bank lifted its position in shares of 1st Source by 1.8% during the 4th quarter. Swiss National Bank now owns 34,289 shares of the financial services provider’s stock valued at $1,779,000 after buying an additional 600 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of 1st Source by 42.3% during the 4th quarter. Meeder Asset Management Inc. now owns 2,533 shares of the financial services provider’s stock valued at $131,000 after buying an additional 753 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of 1st Source during the 4th quarter valued at approximately $41,000. 70.07% of the stock is owned by institutional investors and hedge funds.

NASDAQ:SRCE opened at $32.74 on Friday. 1st Source has a 1-year low of $26.07 and a 1-year high of $53.42. The company has a 50-day moving average of $40.13 and a 200 day moving average of $47.28. The firm has a market cap of $794.31 million, a PE ratio of 9.15 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.94.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $0.86 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.04). 1st Source had a return on equity of 11.26% and a net margin of 23.95%. The business had revenue of $80.87 million during the quarter, compared to analysts’ expectations of $82.00 million. Sell-side analysts anticipate that 1st Source will post 3.5 EPS for the current fiscal year.

1st Source Company Profile

1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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