1st Source Co. (NASDAQ:SRCE) Sees Large Drop in Short Interest

1st Source Co. (NASDAQ:SRCE - Get Free Report) saw a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 222,500 shares, a decline of 15.0% from the April 30th total of 261,800 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average trading volume of 104,800 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Ratings Changes

SRCE has been the subject of a number of recent research reports. Piper Sandler boosted their target price on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Saturday, May 24th.

1st Source Price Performance

SRCE traded down $0.02 on Thursday, hitting $59.94. 61,057 shares of the stock were exchanged, compared to its average volume of 86,703. 1st Source has a 12 month low of $48.97 and a 12 month high of $68.13. The business has a 50-day moving average of $58.80 and a two-hundred day moving average of $60.91. 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 firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.18 and a beta of 0.69.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $1.36 by $0.16. The firm had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Sell-side analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $0.38 per share. This is an increase from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date was Monday, May 5th. This represents a $1.52 annualized dividend and a yield of 2.54%. 1st Source's payout ratio is presently 26.71%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SRCE. Financial Life Planners acquired a new position in 1st Source during the fourth quarter worth about $48,000. Jones Financial Companies Lllp increased its stake 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 valued at $71,000 after buying an additional 465 shares during the period. Picton Mahoney Asset Management increased its stake 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 valued at $111,000 after buying an additional 977 shares during the period. Aquatic Capital Management LLC increased its stake in shares of 1st Source by 14.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock valued at $147,000 after buying an additional 315 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of 1st Source by 143.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock valued at $218,000 after buying an additional 2,204 shares during the period. Institutional investors and hedge funds own 74.45% of the company's stock.

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.