1st Source Co. (NASDAQ:SRCE) Sees Large Growth in Short Interest

1st Source Co. (NASDAQ:SRCE) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 230,200 shares, a growth of 12.0% from the January 15th total of 205,500 shares. Based on an average trading volume of 41,100 shares, the days-to-cover ratio is presently 5.6 days. Currently, 1.3% of the shares of the company are sold short.

Institutional investors have recently bought and sold shares of the business. Marshall Wace LLP acquired a new stake in shares of 1st Source during the 1st quarter worth approximately $168,000. Vanguard Group Inc. increased its holdings in 1st Source by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 805,819 shares of the financial services provider’s stock valued at $37,390,000 after buying an additional 11,373 shares during the period. Bank of America Corp DE increased its holdings in 1st Source by 45.5% in the 2nd quarter. Bank of America Corp DE now owns 18,851 shares of the financial services provider’s stock valued at $874,000 after buying an additional 5,894 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of 1st Source in the 2nd quarter valued at $4,366,000. Finally, Macquarie Group Ltd. acquired a new position in shares of 1st Source in the 2nd quarter valued at $271,000. 70.47% of the stock is owned by hedge funds and other institutional investors.

SRCE has been the topic of several research analyst reports. DA Davidson restated a “neutral” rating on shares of 1st Source in a research note on Monday, November 18th. Zacks Investment Research cut shares of 1st Source from a “buy” rating to a “hold” rating in a research note on Tuesday, December 24th. Finally, BidaskClub downgraded shares of 1st Source from a “sell” rating to a “strong sell” rating in a report on Saturday, January 11th.

Shares of SRCE traded down $0.31 during trading hours on Friday, reaching $47.77. 2,430 shares of the company traded hands, compared to its average volume of 43,274. The stock’s fifty day moving average is $49.90 and its 200 day moving average is $48.55. The stock has a market cap of $1.21 billion, a P/E ratio of 13.36 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.93 and a current ratio of 0.94. 1st Source has a 1-year low of $41.87 and a 1-year high of $53.42.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.86 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.04). 1st Source had a net margin of 23.95% and a return on equity of 11.41%. The company had revenue of $80.87 million during the quarter, compared to the consensus estimate of $82.00 million. On average, equities research analysts predict that 1st Source will post 3.62 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $1.16 annualized dividend and a yield of 2.43%. 1st Source’s dividend payout ratio (DPR) is 32.49%.

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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