1st Source Co. (NASDAQ:SRCE) Short Interest Update

1st Source Co. (NASDAQ:SRCE) saw a large decrease in short interest in July. As of July 15th, there was short interest totalling 404,800 shares, a decrease of 15.6% from the June 30th total of 479,700 shares. Approximately 2.3% of the company’s stock are short sold. Based on an average daily volume of 77,400 shares, the days-to-cover ratio is currently 5.2 days.

Several institutional investors have recently made changes to their positions in SRCE. Marshall Wace LLP purchased a new stake in shares of 1st Source during the 4th quarter valued at approximately $41,000. Advisor Group Holdings Inc. bought a new stake in shares of 1st Source in the 1st quarter worth approximately $28,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of 1st Source in the 4th quarter valued at $219,000. BNP Paribas Arbitrage SA raised its position in 1st Source by 26.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,364 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 902 shares during the period. Finally, Citigroup Inc. lifted its stake in 1st Source by 34.5% in the first quarter. Citigroup Inc. now owns 4,374 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 1,122 shares during the last quarter. 70.83% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:SRCE opened at $33.12 on Friday. 1st Source has a 1-year low of $26.07 and a 1-year high of $53.42. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The stock has a market cap of $846.22 million, a PE ratio of 10.45 and a beta of 1.14. The stock’s fifty day simple moving average is $34.10 and its two-hundred day simple moving average is $37.09.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.15. 1st Source had a net margin of 21.68% and a return on equity of 9.40%. The company had revenue of $79.24 million for the quarter, compared to analyst estimates of $77.65 million. On average, sell-side analysts forecast that 1st Source will post 2.91 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Monday, August 3rd. 1st Source’s payout ratio is 31.37%.

A number of research analysts recently weighed in on the company. BidaskClub downgraded 1st Source from a “sell” rating to a “strong sell” rating in a research note on Friday, May 8th. Zacks Investment Research upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. Piper Sandler lifted their price objective on shares of 1st Source from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, ValuEngine upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $51.00.

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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