Short Interest in 1st Source Co. (NASDAQ:SRCE) Decreases By 42.3%

1st Source Co. (NASDAQ:SRCE - Get Free Report) was the target of a large decline in short interest in February. As of February 28th, there was short interest totalling 108,600 shares, a decline of 42.3% from the February 13th total of 188,100 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average daily trading volume, of 78,200 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SRCE shares. Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday, January 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Friday, March 7th. Finally, Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $70.00 to $72.50 in a research note on Monday, January 27th.

1st Source Price Performance

NASDAQ:SRCE traded down $0.59 during trading hours on Tuesday, hitting $62.19. The stock had a trading volume of 106,260 shares, compared to its average volume of 72,841. The company has a 50 day simple moving average of $61.94 and a two-hundred day simple moving average of $61.42. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a one year low of $47.30 and a one year high of $68.13. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 11.60 and a beta of 0.78.

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1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Research analysts forecast that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.32%. The ex-dividend date was Tuesday, February 4th. 1st Source's payout ratio is 26.87%.

Institutional Trading of 1st Source

A number of hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of 1st Source by 37.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,596 shares of the financial services provider's stock worth $1,494,000 after acquiring an additional 6,911 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of 1st Source during the 4th quarter worth $793,000. Two Sigma Advisers LP lifted its holdings in shares of 1st Source by 11.4% during the 4th quarter. Two Sigma Advisers LP now owns 16,550 shares of the financial services provider's stock worth $966,000 after acquiring an additional 1,700 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of 1st Source by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock worth $302,000 after acquiring an additional 1,701 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of 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 acquiring an additional 84,378 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

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.