Short Interest in 1st Source Co. (NASDAQ:SRCE) Expands By 43.5%

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. 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 increased their price objective for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

1st Source Stock Down 1.7 %

SRCE stock traded down $1.03 during midday trading on Friday, reaching $60.25. 86,970 shares of the company were exchanged, compared to its average volume of 78,984. 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 stock’s 50-day simple moving average is $62.79 and its 200 day simple moving average is $61.52. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 11.24 and a beta of 0.78. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, equities analysts forecast that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

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

Hedge Funds Weigh In On 1st Source

A number of institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC grew its position in 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 purchasing an additional 84,378 shares during the last quarter. Millennium Management LLC grew its holdings in shares of 1st Source by 34.3% during the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock worth $11,901,000 after buying an additional 52,110 shares during the last quarter. Norges Bank purchased a new stake in 1st Source during the 4th quarter valued at approximately $2,984,000. JPMorgan Chase & Co. lifted its position in 1st Source by 35.4% during the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after acquiring an additional 32,257 shares during the period. Finally, American Century Companies Inc. increased its holdings 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. 74.45% of the stock is owned by institutional investors and hedge funds.

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.