1st Source Co. (NASDAQ:SRCE) Short Interest Up 49.4% in July

1st Source Co. (NASDAQ:SRCE) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 227,300 shares, a growth of 49.4% from the June 30th total of 152,100 shares. Based on an average daily trading volume, of 71,200 shares, the days-to-cover ratio is presently 3.2 days. Approximately 1.2% of the shares of the company are short sold.

Insider Activity

In other news, Director Daniel B. Fitzpatrick bought 1,000 shares of 1st Source stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the purchase, the director now directly owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 1st Source news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the acquisition, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the transaction, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at $3,473,744.68. The disclosure for this sale can be found here. Corporate insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently bought and sold shares of the business. Frazier Financial Advisors LLC acquired a new position in shares of 1st Source during the 4th quarter worth approximately $27,000. LRI Investments LLC acquired a new position in 1st Source during the first quarter worth $48,000. CWM LLC raised its position in 1st Source by 726.1% during the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares during the period. New York State Teachers Retirement System purchased a new position in 1st Source during the first quarter valued at $78,000. Finally, PNC Financial Services Group Inc. grew its position in shares of 1st Source by 10.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

Shares of NASDAQ:SRCE traded up $3.08 during trading on Friday, hitting $65.47. 195,934 shares of the stock traded hands, compared to its average volume of 121,916. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $53.49 and a two-hundred day moving average price of $51.80. 1st Source has a 52-week low of $40.96 and a 52-week high of $65.63. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 13.17 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.25 by $0.24. The company had revenue of $144.39 million for the quarter, compared to analyst estimates of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.22%. During the same quarter last year, the business earned $1.30 earnings per share. As a group, equities analysts predict that 1st Source will post 4.84 EPS for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be paid a $0.36 dividend. The ex-dividend date is Monday, August 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.20%. 1st Source’s dividend payout ratio is presently 28.97%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their price objective on 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, April 29th.

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.