1st Source Co. (NASDAQ:SRCE) Short Interest Down 13.2% in January

1st Source Co. (NASDAQ:SRCE) was the recipient of a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 159,500 shares, a decline of 13.2% from the December 31st total of 183,700 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily trading volume, of 72,200 shares, the short-interest ratio is currently 2.2 days.

1st Source Stock Down 0.2 %

SRCE stock traded down $0.14 during mid-day trading on Monday, hitting $62.58. 124,522 shares of the company were exchanged, compared to its average volume of 72,241. The company has a market capitalization of $1.53 billion, a PE ratio of 11.68 and a beta of 0.81. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13. The firm has a fifty day simple moving average of $60.55 and a 200 day simple moving average of $60.51.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share 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 12.07%. On average, research analysts forecast that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SRCE. Thrivent Financial for Lutherans boosted its holdings in shares of 1st Source by 625.6% in 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. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of 1st Source in the 3rd quarter valued at about $1,713,000. Barclays PLC boosted its holdings in shares of 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after buying an additional 25,687 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after buying an additional 24,470 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of 1st Source by 152.7% in the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock valued at $2,106,000 after buying an additional 21,254 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SRCE has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Saturday, January 18th. Finally, Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and raised their price objective 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.