1st Source Corporation (NASDAQ:SRCE) Short Interest Update

1st Source Corporation (NASDAQ:SRCE) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 276,655 shares, an increase of 30.7% from the January 29th total of 211,645 shares. Based on an average daily volume of 97,828 shares, the short-interest ratio is presently 2.8 days. Currently, 1.4% of the company’s shares are sold short. Currently, 1.4% of the company’s shares are sold short. Based on an average daily volume of 97,828 shares, the short-interest ratio is presently 2.8 days.

1st Source Trading Up 1.9%

Shares of NASDAQ SRCE traded up $1.30 during mid-day trading on Monday, reaching $68.31. The company had a trading volume of 29,955 shares, compared to its average volume of 110,186. The business’s 50-day moving average is $66.58 and its 200-day moving average is $63.76. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 10.66 and a beta of 0.64. 1st Source has a 52 week low of $52.14 and a 52 week high of $71.98.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. The company had revenue of $115.39 million during the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. Equities analysts expect 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 13th. Investors of record on Tuesday, February 3rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a yield of 2.3%. 1st Source’s dividend payout ratio is 24.96%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, VP John B. Griffith sold 1,900 shares of 1st Source stock in a transaction that occurred 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 completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.55% of the stock is owned by insiders.

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 1st Source by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock valued at $653,000 after buying an additional 467 shares during the period. Millennium Management LLC grew its holdings in 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock worth $14,502,000 after acquiring an additional 38,610 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 1st Source by 29.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider’s stock valued at $1,977,000 after purchasing an additional 7,456 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of 1st Source by 3.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 317 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of 1st Source by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 122,739 shares of the financial services provider’s stock worth $7,618,000 after purchasing an additional 1,658 shares during the period. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Company Profile

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.