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

1st Source Co. (NASDAQ:SRCE) was the recipient of a large increase in short interest in November. As of November 15th, there was short interest totalling 177,900 shares, an increase of 22.0% from the October 31st total of 145,800 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 73,000 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. LRI Investments LLC purchased a new position in shares of 1st Source during the first quarter valued at approximately $48,000. nVerses Capital LLC increased its holdings in 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares during the period. CWM LLC raised its holdings in shares of 1st Source by 726.1% in the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 1,198 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 182 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in 1st Source during the third quarter valued at approximately $122,000. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

Shares of 1st Source stock remained flat at $64.89 on Friday. 57,621 shares of the stock traded hands, compared to its average volume of 74,623. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.59 billion, a P/E ratio of 12.36 and a beta of 0.78. 1st Source has a 12-month low of $47.30 and a 12-month high of $68.13. The company’s 50-day simple moving average is $61.60 and its 200-day simple moving average is $57.94.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. The business had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same quarter in the prior year, the business posted $1.32 EPS. Analysts predict that 1st Source will post 5.36 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.36 per share. The ex-dividend date was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.22%. 1st Source’s dividend payout ratio is currently 27.43%.

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.