Short Interest in 1st Source Co. (NASDAQ:SRCE) Increases By 69.7%

1st Source Co. (NASDAQ:SRCE - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 264,400 shares, an increase of 69.7% from the March 15th total of 155,800 shares. Based on an average daily volume of 100,300 shares, the days-to-cover ratio is presently 2.6 days. Approximately 1.4% of the shares of the stock are short sold.

Institutional Trading of 1st Source

Institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its position in shares of 1st Source by 6.8% during the first quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after buying an additional 390 shares during the period. SG Americas Securities LLC increased its stake in 1st Source by 2.2% during the first quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock worth $532,000 after purchasing an additional 188 shares during the period. Vest Financial LLC purchased a new position in shares of 1st Source in the first quarter valued at approximately $766,000. GAMMA Investing LLC grew its holdings in shares of 1st Source by 5,970.1% in the first quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider's stock valued at $973,000 after purchasing an additional 16,000 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in 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 buying an additional 6,911 shares during the period. Institutional investors and hedge funds own 74.45% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target 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. Piper Sandler raised 1st Source from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research report on Tuesday, April 8th.

1st Source Trading Up 3.5 %

Shares of SRCE stock traded up $1.88 on Tuesday, hitting $56.13. 41,441 shares of the stock traded hands, compared to its average volume of 81,740. 1st Source has a twelve month low of $48.91 and a twelve month high of $68.13. The stock has a market capitalization of $1.38 billion, a PE ratio of 10.42 and a beta of 0.67. The firm's 50-day moving average price is $60.32 and its two-hundred day moving average price is $61.09. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating analysts' consensus estimates 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, analysts anticipate that 1st Source will post 5.82 EPS for the current year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.57%. 1st Source's dividend payout ratio is currently 26.87%.

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.