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

1st Source Co. (NASDAQ:SRCE) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 264,400 shares, a growth of 69.7% from the March 15th total of 155,800 shares. Based on an average trading volume of 100,300 shares, the short-interest ratio is presently 2.6 days. Approximately 1.4% of the company’s shares are short sold.

1st Source Stock Performance

Shares of NASDAQ:SRCE opened at $54.76 on Friday. The firm has a 50 day moving average of $60.56 and a 200 day moving average of $61.07. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 10.22 and a beta of 0.67. 1st Source has a 52 week low of $47.62 and a 52 week high of $68.13.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping 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%. On average, sell-side analysts predict that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders 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 annualized dividend and a yield of 2.63%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

Hedge Funds Weigh In On 1st Source

A number of large investors have recently made changes to their positions in the business. R Squared Ltd purchased a new position in 1st Source during the 4th quarter worth $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the 4th quarter valued at approximately $48,000. Jones Financial Companies Lllp boosted its stake in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 465 shares in the last quarter. Picton Mahoney Asset Management grew its position in 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Aquatic Capital Management LLC increased its position in shares of 1st Source by 14.3% in the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 315 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SRCE. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating 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.