1st Source Co. (NASDAQ:SRCE - Get Free Report) was the recipient of a large decline in short interest in January. As of January 15th, there was short interest totalling 159,500 shares, a decline of 13.2% from the December 31st total of 183,700 shares. Currently, 0.9% of the company's stock are short sold. Based on an average daily volume of 72,200 shares, the days-to-cover ratio is presently 2.2 days.
Institutional Investors Weigh In On 1st Source
A number of hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans increased its holdings in shares of 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider's stock worth $1,989,000 after buying an additional 28,648 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in 1st Source in the third quarter worth about $1,713,000. Barclays PLC increased its stake in 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. raised its position in 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 purchasing an additional 24,470 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of 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 valued at $2,106,000 after purchasing an additional 21,254 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.
1st Source Stock Performance
Shares of 1st Source stock traded up $0.44 on Wednesday, hitting $64.96. 72,185 shares of the company's stock were exchanged, compared to its average volume of 72,291. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13. The company has a 50-day simple moving average of $60.46 and a 200-day simple moving average of $60.59. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $1.59 billion, a PE ratio of 12.12 and a beta of 0.81.
1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share 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 12.07%. As a group, equities analysts anticipate that 1st Source will post 5.82 EPS for the current year.
1st Source Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Tuesday, February 4th. 1st Source's payout ratio is 26.87%.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the company. Piper Sandler raised 1st Source from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th.
Get Our Latest Report on SRCE
1st Source Company Profile
(
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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.
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