Short Interest in 1st Source Co. (NASDAQ:SRCE) Increases By 49.4%

1st Source Co. (NASDAQ:SRCE) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 227,300 shares, an increase of 49.4% from the June 30th total of 152,100 shares. Based on an average trading volume of 71,200 shares, the days-to-cover ratio is presently 3.2 days. Approximately 1.2% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Piper Sandler boosted their price target on 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, April 29th.

Insider Buying and Selling

In other news, EVP Jeffrey L. Buhr sold 1,925 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the sale, the executive vice president now owns 68,327 shares in the company, valued at approximately $3,473,744.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Daniel B. Fitzpatrick acquired 1,000 shares of 1st Source stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the purchase, the director now directly owns 48,542 shares in the company, valued at approximately $2,410,110.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the sale, the executive vice president now owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. 19.30% of the stock is owned by insiders.

Institutional Trading of 1st Source

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of 1st Source by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 842,338 shares of the financial services provider’s stock worth $35,454,000 after acquiring an additional 12,005 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of 1st Source during the 4th quarter valued at approximately $188,000. Denali Advisors LLC grew its stake in 1st Source by 16.4% in the 4th quarter. Denali Advisors LLC now owns 54,600 shares of the financial services provider’s stock valued at $3,000,000 after acquiring an additional 7,700 shares during the period. Indiana Trust & Investment Management CO increased its holdings in 1st Source by 68.9% in the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock worth $2,450,000 after acquiring an additional 18,187 shares in the last quarter. Finally, Boston Trust Walden Corp raised its position in 1st Source by 5.3% during the fourth quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock worth $24,138,000 after acquiring an additional 22,176 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of SRCE stock traded up $3.08 during trading hours on Friday, hitting $65.47. The company’s stock had a trading volume of 195,934 shares, compared to its average volume of 121,916. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $53.49 and a 200 day moving average of $51.80. 1st Source has a 12-month low of $40.96 and a 12-month high of $65.63. The stock has a market cap of $1.60 billion, a PE ratio of 13.17 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.22% and a net margin of 23.23%. The company had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. During the same period last year, the firm earned $1.30 EPS. On average, sell-side analysts forecast that 1st Source will post 4.84 EPS for the current fiscal year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.36 per share. The ex-dividend date is Monday, August 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.20%. 1st Source’s payout ratio is 28.97%.

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.