1st Source Co. (NASDAQ:SRCE) Short Interest Down 42.3% in February

1st Source Co. (NASDAQ:SRCE) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 108,600 shares, a decrease of 42.3% from the February 13th total of 188,100 shares. Currently, 0.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 78,200 shares, the short-interest ratio is presently 1.4 days.

Institutional Investors Weigh In On 1st Source

A number of institutional investors have recently made changes to their positions in SRCE. Principal Financial Group Inc. purchased a new stake in 1st Source during the 3rd quarter valued at $664,000. Victory Capital Management Inc. purchased a new stake in 1st Source during the 3rd quarter valued at $413,000. Empowered Funds LLC boosted its position in 1st Source by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 84,592 shares of the financial services provider’s stock valued at $5,065,000 after buying an additional 4,288 shares during the period. Thrivent Financial for Lutherans boosted its position in 1st Source by 625.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares during the period. Finally, Quest Partners LLC boosted its position in 1st Source by 169.4% during the 3rd quarter. Quest Partners LLC now owns 12,564 shares of the financial services provider’s stock valued at $752,000 after buying an additional 7,900 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of 1st Source stock opened at $59.98 on Friday. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.19 and a beta of 0.78. The company has a fifty day moving average of $61.73 and a 200-day moving average of $61.40. 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) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities research analysts expect that 1st Source will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.40%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SRCE shares. Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Friday, March 7th. Finally, Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $72.50 in a 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.