1st Source Corporation (NASDAQ:SRCE) Short Interest Up 31.5% in March

1st Source Corporation (NASDAQ:SRCE) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 361,340 shares, a growth of 31.5% from the February 26th total of 274,748 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average daily trading volume, of 139,825 shares, the days-to-cover ratio is presently 2.6 days.

1st Source Trading Up 1.2%

Shares of 1st Source stock traded up $0.80 during trading hours on Tuesday, hitting $69.37. The company’s stock had a trading volume of 60,179 shares, compared to its average volume of 129,204. The company has a market capitalization of $1.69 billion, a PE ratio of 10.82 and a beta of 0.63. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50 day moving average of $68.21 and a 200 day moving average of $64.40. 1st Source has a 12 month low of $52.14 and a 12 month high of $71.98.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%.The business had revenue of $115.39 million for the quarter. Analysts predict that 1st Source will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders 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 dividend on an annualized basis and a yield of 2.3%. 1st Source’s payout ratio is presently 24.96%.

Institutional Investors Weigh In On 1st Source

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in 1st Source by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after acquiring an additional 122,146 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 1st Source by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after purchasing an additional 8,614 shares during the period. Geode Capital Management LLC raised its stake in shares of 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock valued at $31,173,000 after purchasing an additional 14,643 shares during the period. American Century Companies Inc. lifted its holdings in shares of 1st Source by 30.7% in the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after purchasing an additional 79,614 shares in the last quarter. Finally, Janus Henderson Group PLC lifted 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 purchasing an additional 110,711 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SRCE shares. Piper Sandler lifted their price objective 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Finally, DA Davidson increased their target price on shares of 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $75.33.

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.