Short Interest in 1st Source Co. (NASDAQ:SRCE) Rises By 22.0%

1st Source Co. (NASDAQ:SRCE) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 177,900 shares, a growth of 22.0% from the October 31st total of 145,800 shares. Based on an average daily volume of 73,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.0% of the company’s shares are short sold.

Institutional Trading of 1st Source

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of 1st Source by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,172 shares of the financial services provider’s stock valued at $796,000 after buying an additional 615 shares in the last quarter. LRI Investments LLC purchased a new position in 1st Source during the 1st quarter valued at about $48,000. Harbor Capital Advisors Inc. increased its holdings in shares of 1st Source by 276.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider’s stock valued at $770,000 after purchasing an additional 10,544 shares during the period. CWM LLC lifted its position 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 worth $73,000 after purchasing an additional 1,198 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in shares of 1st Source by 1.6% during the second quarter. Linden Thomas Advisory Services LLC now owns 28,263 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 438 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $64.89 on Monday. The business has a fifty day simple moving average of $61.60 and a 200-day simple moving average of $57.98. The company has a market cap of $1.59 billion, a price-to-earnings 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 has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

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

1st Source Announces Dividend

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

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.