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

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SRCE shares. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods raised their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

1st Source Trading Down 0.2 %

Shares of SRCE traded down $0.14 during mid-day trading on Monday, reaching $62.58. The company had a trading volume of 124,522 shares, compared to its average volume of 72,241. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 11.68 and a beta of 0.81. The firm has a fifty day simple moving average of $60.55 and a 200-day simple moving average of $60.51. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. 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 (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share 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 12.07%. On average, sell-side analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

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

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in shares of 1st Source by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock valued at $35,112,000 after acquiring an additional 1,872 shares during the period. State Street Corp raised its stake in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after acquiring an additional 9,235 shares during the period. Geode Capital Management LLC raised its stake in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after acquiring an additional 3,780 shares during the period. FMR LLC raised its stake in shares of 1st Source by 6.1% in the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock valued at $7,223,000 after acquiring an additional 6,981 shares during the period. Finally, JPMorgan Chase & Co. raised its stake 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 acquiring an additional 24,470 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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.