1st Source Co. (NASDAQ:SRCE) Sees Significant Decline in Short Interest

1st Source Co. (NASDAQ:SRCE) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 108,600 shares, a decrease of 42.3% from the February 13th total of 188,100 shares. Based on an average daily trading volume, of 78,200 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.6% of the shares of the stock are sold short.

1st Source Trading Up 1.9 %

SRCE stock traded up $1.11 during midday trading on Friday, hitting $61.09. The company had a trading volume of 77,848 shares, compared to its average volume of 83,293. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 52 week low of $47.30 and a 52 week high of $68.13. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 11.40 and a beta of 0.78. The stock’s 50 day moving average price is $61.84 and its 200 day moving average price is $61.39.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping 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, equities research analysts expect that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.36%. 1st Source’s dividend payout ratio is presently 26.87%.

Institutional Investors Weigh In On 1st Source

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of 1st Source by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock valued at $34,616,000 after acquiring an additional 6,569 shares in the last quarter. State Street Corp increased its position in 1st Source by 1.7% during the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after purchasing an additional 9,235 shares during the period. Alliancebernstein L.P. raised its holdings in 1st Source by 2.6% in the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock worth $30,349,000 after purchasing an additional 13,273 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock worth $25,959,000 after purchasing an additional 3,780 shares during the period. Finally, Millennium Management LLC boosted its position in 1st Source by 34.3% during the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock valued at $11,901,000 after acquiring an additional 52,110 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods upped their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday, January 27th.

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.