Short Interest in 1st Source Co. (NASDAQ:SRCE) Declines By 13.2%

1st Source Co. (NASDAQ:SRCE) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 159,500 shares, a decrease of 13.2% from the December 31st total of 183,700 shares. Based on an average trading volume of 72,200 shares, the short-interest ratio is currently 2.2 days. Currently, 0.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several research firms have commented on SRCE. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods lifted their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in shares of 1st Source by 0.3% in the 3rd 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 during the last quarter. State Street Corp boosted its holdings in 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after buying an additional 9,235 shares in the last quarter. Geode Capital Management LLC grew its position in 1st Source by 0.9% in the third quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock worth $25,959,000 after buying an additional 3,780 shares during the last quarter. FMR LLC increased its holdings in shares of 1st Source by 6.1% in the third 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 in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after acquiring an additional 24,470 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Price Performance

1st Source stock traded down $0.15 during trading hours on Friday, hitting $62.72. 86,545 shares of the company traded hands, compared to its average volume of 61,833. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13. The firm has a market cap of $1.54 billion, a P/E ratio of 11.70 and a beta of 0.82. The firm’s 50-day simple moving average is $60.55 and its two-hundred day simple moving average is $60.52. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 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 12.07%. As a group, analysts forecast that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a $0.36 dividend. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.30%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

1st Source Company Profile

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.