1st Source Corporation (NASDAQ:SRCE) Short Interest Up 24.3% in April

Key Points

• Short interest in 1st Source rose 24.3% in April to 481,911 shares (about 2.5% of the float), leaving a days-to-cover ratio of 3.1.
• Dividend increased to a quarterly $0.43 (annualized $1.72) for a 2.3% yield, with an ex-dividend date of May 5 and payment on May 15.
• Q1 results showed $1.63 EPS (missed by $0.01) and revenue of $113.14M (beat estimates); analysts' consensus is a "Moderate Buy" with an average target of $77 and some firms raising targets to as high as $88.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 481,911 shares, a growth of 24.3% from the March 31st total of 387,699 shares. Based on an average trading volume of 157,803 shares, the days-to-cover ratio is presently 3.1 days. Currently, 2.5% of the company's stock are sold short.

Institutional Trading of 1st Source

Hedge funds have recently bought and sold shares of the company. Financial Life Planners acquired a new position in 1st Source during the 1st quarter valued at about $197,000. Pictet Asset Management Holding SA acquired a new position in 1st Source during the 1st quarter valued at about $227,000. SG Americas Securities LLC increased its stake in 1st Source by 191.1% during the 1st quarter. SG Americas Securities LLC now owns 32,378 shares of the financial services provider's stock valued at $2,241,000 after buying an additional 21,254 shares during the period. Hsbc Holdings PLC increased its stake in 1st Source by 19.2% during the 4th quarter. Hsbc Holdings PLC now owns 32,114 shares of the financial services provider's stock valued at $2,011,000 after buying an additional 5,165 shares during the period. Finally, Empowered Funds LLC increased its stake in 1st Source by 15.5% during the 4th quarter. Empowered Funds LLC now owns 104,221 shares of the financial services provider's stock valued at $6,513,000 after buying an additional 13,992 shares during the period. 74.45% of the stock is currently owned by institutional investors.

1st Source Trading Up 0.8%

Shares of NASDAQ:SRCE opened at $74.38 on Wednesday. The company has a market cap of $1.79 billion, a PE ratio of 11.41 and a beta of 0.58. The company's 50-day moving average price is $70.12 and its 200 day moving average price is $66.02. 1st Source has a fifty-two week low of $56.89 and a fifty-two week high of $76.44. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.01). The firm had revenue of $113.14 million during the quarter, compared to the consensus estimate of $111.88 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. Sell-side analysts anticipate that 1st Source will post 6.78 earnings per share for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Tuesday, May 5th will be given a $0.43 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.3%. This is a boost from 1st Source's previous quarterly dividend of $0.40. 1st Source's payout ratio is 26.38%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, April 6th. Piper Sandler increased their price objective on shares of 1st Source from $83.00 to $88.00 and gave the company an "overweight" rating in a research note on Monday. Finally, DA Davidson restated a "neutral" rating and issued a $74.00 price target on shares of 1st Source in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $77.00.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.

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