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

1st Source Co. (NASDAQ:SRCE) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 155,800 shares, a growth of 43.5% from the February 28th total of 108,600 shares. Currently, 0.9% of the company’s stock are sold short. Based on an average daily trading volume, of 94,700 shares, the short-interest ratio is presently 1.6 days.

Hedge Funds Weigh In On 1st Source

A number of institutional investors have recently bought and sold shares of the business. Nuveen Asset Management LLC boosted its stake in shares of 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock worth $8,116,000 after acquiring an additional 84,378 shares during the period. Millennium Management LLC lifted its holdings 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 purchasing an additional 52,110 shares during the last quarter. Norges Bank bought a new position in 1st Source during the fourth quarter worth $2,984,000. JPMorgan Chase & Co. increased its holdings in shares of 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after purchasing an additional 32,257 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of 1st Source by 30.5% in the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock valued at $6,985,000 after purchasing an additional 27,966 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Stock Down 0.1 %

NASDAQ SRCE traded down $0.04 during trading hours on Monday, hitting $60.22. 9,640 shares of the company traded hands, compared to its average volume of 78,711. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The business’s 50-day moving average is $62.79 and its 200-day moving average is $61.55. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 11.23 and a beta of 0.78. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Sell-side analysts anticipate that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.39%. 1st Source’s dividend payout ratio (DPR) is currently 26.87%.

Analyst Ratings Changes

A number of brokerages recently issued reports on SRCE. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Saturday, March 22nd. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th.

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.