1st Source Co. (NASDAQ:SRCE) Short Interest Update

1st Source Co. (NASDAQ:SRCE - Get Free Report) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 178,800 shares, a growth of 17.7% from the January 15th total of 151,900 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily volume of 76,100 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SRCE. New York State Teachers Retirement System lifted 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 worth $100,000 after buying an additional 182 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider's stock valued at $591,000 after acquiring an additional 221 shares during the last quarter. Aquatic Capital Management LLC raised its holdings in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after acquiring an additional 315 shares in the last quarter. Isthmus Partners LLC boosted its position in 1st Source by 0.6% during the fourth 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 during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 1st Source by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,444 shares of the financial services provider's stock valued at $610,000 after purchasing an additional 388 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SRCE has been the topic of a number of recent analyst reports. Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Keefe, Bruyette & Woods increased their price target on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, February 1st.

1st Source Trading Down 1.3 %

Shares of 1st Source stock traded down $0.85 during trading on Wednesday, reaching $65.62. 46,570 shares of the company were exchanged, compared to its average volume of 82,836. The business has a 50-day moving average price of $60.80 and a 200-day moving average price of $60.81. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 12.24 and a beta of 0.81. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. Sell-side analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal 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 issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Tuesday, February 4th. 1st Source's dividend payout ratio (DPR) is presently 26.87%.

About 1st Source

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.