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

1st Source Co. (NASDAQ:SRCE) was the target of a large decrease in short interest in 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. Based on an average daily volume of 78,200 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.6% of the company’s shares are sold short.

1st Source Stock Down 0.2 %

Shares of 1st Source stock opened at $59.98 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company has a 50-day moving average of $61.73 and a 200 day moving average of $61.40. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 11.19 and a beta of 0.78. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, sell-side analysts anticipate that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

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

Institutional Trading of 1st Source

Institutional investors and hedge funds have recently bought and sold shares of the company. R Squared Ltd bought a new stake in 1st Source during the 4th quarter valued at about $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the fourth quarter worth approximately $48,000. Jones Financial Companies Lllp boosted its holdings in shares of 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after buying an additional 977 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of 1st Source in the third quarter worth approximately $122,000. 74.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods upped their price objective 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.

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.