1st Source Co. (NASDAQ:SRCE) Short Interest Up 17.7% in January

1st Source Co. (NASDAQ:SRCE) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 178,800 shares, an increase of 17.7% from the January 15th total of 151,900 shares. Based on an average daily volume of 76,100 shares, the days-to-cover ratio is currently 2.3 days. Approximately 1.0% of the company’s shares are sold short.

1st Source Price Performance

Shares of SRCE stock opened at $66.36 on Monday. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. 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 firm has a market capitalization of $1.63 billion, a P/E ratio of 12.38 and a beta of 0.81. The stock has a 50 day moving average price of $60.70 and a 200 day moving average price of $60.74.

1st Source (NASDAQ:SRCE) last issued 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 return on equity of 12.07% and a net margin of 23.10%. As a group, sell-side analysts predict 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. Shareholders of record on Tuesday, February 4th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

Institutional Investors Weigh In On 1st Source

A number of institutional investors and hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System raised its position in 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 182 shares in the last quarter. Valeo Financial Advisors LLC raised its position in 1st Source by 2.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock valued at $591,000 after purchasing an additional 221 shares in the last quarter. Aquatic Capital Management LLC raised its position in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 315 shares in the last quarter. Isthmus Partners LLC raised its position in 1st Source by 0.6% during the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider’s stock valued at $3,190,000 after purchasing an additional 328 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 465 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SRCE. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Saturday, February 1st. Finally, Keefe, Bruyette & Woods raised their price target on 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 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.