Short Interest in 1st Source Co. (NASDAQ:SRCE) Grows By 43.5%

1st Source Co. (NASDAQ:SRCE - Get Free Report) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 155,800 shares, a growth of 43.5% from the February 28th total of 108,600 shares. Based on an average trading volume of 94,700 shares, the short-interest ratio is presently 1.6 days. Currently, 0.9% of the shares of the stock are sold short.

1st Source Price Performance

Shares of NASDAQ:SRCE traded down $4.64 during trading on Thursday, reaching $55.77. The stock had a trading volume of 118,570 shares, compared to its average volume of 96,894. The stock has a market capitalization of $1.37 billion, a PE ratio of 10.40 and a beta of 0.78. 1st Source has a 52 week low of $47.30 and a 52 week high of $68.13. The business's 50-day moving average price is $62.93 and its 200 day moving average price is $61.56. 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 (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. As a group, equities analysts predict that 1st Source will post 5.82 earnings per share for the current year.

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1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source's payout ratio is presently 26.87%.

Hedge Funds Weigh In On 1st Source

Institutional investors have recently modified their holdings of the stock. Jane Street Group LLC raised its position in 1st Source by 152.7% in the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider's stock worth $2,106,000 after purchasing an additional 21,254 shares during the last quarter. State Street Corp increased its stake in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock valued at $33,964,000 after buying an additional 9,235 shares during the period. Barclays PLC raised its position in shares of 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after acquiring an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock valued at $5,450,000 after acquiring an additional 24,470 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 1st Source by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock valued at $34,616,000 after acquiring an additional 6,569 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SRCE. Keefe, Bruyette & Woods upped their target price 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 reissued a "buy (b)" rating on shares of 1st Source in a report on Saturday, March 22nd. Finally, Piper Sandler upgraded 1st Source from a "neutral" rating to an "overweight" rating and upped their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

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.