1st Source Corporation (NASDAQ:SRCE) Short Interest Up 24.0% in January

1st Source Corporation (NASDAQ:SRCE) was the recipient of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 211,645 shares, a growth of 24.0% from the January 15th total of 170,676 shares. Approximately 1.1% of the company’s shares are sold short. Based on an average daily volume of 132,328 shares, the days-to-cover ratio is currently 1.6 days. Based on an average daily volume of 132,328 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.1% of the company’s shares are sold short.

1st Source Stock Performance

Shares of NASDAQ SRCE traded up $0.06 during trading hours on Wednesday, reaching $71.16. The stock had a trading volume of 79,002 shares, compared to its average volume of 108,992. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 11.15 and a beta of 0.64. 1st Source has a fifty-two week low of $52.14 and a fifty-two week high of $71.98. The firm has a 50-day moving average of $66.09 and a 200-day moving average of $63.22. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. The business had revenue of $115.39 million during the quarter. 1st Source had a return on equity of 12.60% and a net margin of 26.38%. Equities research analysts predict that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, February 3rd. 1st Source’s dividend payout ratio is presently 24.96%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SRCE shares. Piper Sandler boosted their price objective on 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. DA Davidson raised their price objective on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, 1st Source presently has a consensus rating of “Hold” and a consensus price target of $75.33.

Insider Transactions at 1st Source

In related news, VP John B. Griffith sold 1,900 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total value of $125,419.00. Following the sale, the vice president owned 65,976 shares in the company, valued at approximately $4,355,075.76. The trade was a 2.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 19.55% of the company’s stock.

Institutional Trading of 1st Source

A number of hedge funds have recently added to or reduced their stakes in SRCE. Man Group plc raised its stake in shares of 1st Source by 3.6% during the fourth quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after purchasing an additional 413 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of 1st Source by 49.3% in the fourth quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock valued at $20,965,000 after acquiring an additional 110,711 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in 1st Source by 2.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 221,321 shares of the financial services provider’s stock worth $13,830,000 after purchasing an additional 4,692 shares in the last quarter. AQR Capital Management LLC lifted its position in 1st Source by 29.9% in the fourth quarter. AQR Capital Management LLC now owns 89,536 shares of the financial services provider’s stock valued at $5,595,000 after purchasing an additional 20,597 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in 1st Source by 3.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,509 shares of the financial services provider’s stock valued at $1,907,000 after purchasing an additional 981 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.