1st Source Co. (NASDAQ:SRCE) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 99,800 shares, a decline of 21.9% from the June 30th total of 127,800 shares. Currently, 0.6% of the shares of the company are short sold. Based on an average daily volume of 45,900 shares, the short-interest ratio is presently 2.2 days.
Several large investors have recently modified their holdings of SRCE. Denali Advisors LLC increased its position in 1st Source by 1,066.7% during the 2nd quarter. Denali Advisors LLC now owns 700 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 640 shares in the last quarter. Quantamental Technologies LLC acquired a new position in 1st Source during the 1st quarter worth approximately $35,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in 1st Source during the 1st quarter worth approximately $36,000. KBC Group NV acquired a new position in 1st Source during the 2nd quarter worth approximately $94,000. Finally, BNP Paribas Arbitrage SA increased its position in 1st Source by 410.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,274 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 2,633 shares in the last quarter. Institutional investors own 70.86% of the company’s stock.
SRCE has been the subject of a number of recent research reports. BidaskClub raised shares of 1st Source from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. ValuEngine upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a research report on Saturday, July 27th. Finally, Zacks Investment Research cut shares of 1st Source from a “hold” rating to a “sell” rating in a research report on Wednesday, July 24th.
1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.89 by $0.02. The company had revenue of $82.09 million during the quarter, compared to analysts’ expectations of $80.85 million. 1st Source had a net margin of 23.31% and a return on equity of 11.22%. As a group, equities research analysts expect that 1st Source will post 3.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, August 2nd. 1st Source’s payout ratio is presently 34.18%.
About 1st Source
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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