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

1st Source Co. (NASDAQ:SRCE) saw a significant increase in short interest during the month of 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. Based on an average trading volume of 73,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.0% of the company’s shares are sold short.

1st Source Stock Performance

SRCE stock remained flat at $64.89 during midday trading on Friday. The company’s stock had a trading volume of 57,621 shares, compared to its average volume of 72,423. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company’s fifty day simple moving average is $61.60 and its 200-day simple moving average is $57.94. 1st Source has a one year low of $47.30 and a one year high of $68.13. The stock has a market capitalization of $1.59 billion, a PE ratio of 12.36 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last announced its quarterly 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. The business had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. During the same quarter in the previous year, the company earned $1.32 EPS. As a group, research analysts expect that 1st Source will post 5.36 EPS for the current fiscal year.

1st Source Dividend Announcement

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

Institutional Investors Weigh In On 1st Source

Several institutional investors have recently modified their holdings of SRCE. Harbor Capital Advisors Inc. lifted its stake in 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 buying an additional 10,544 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in 1st Source in the 3rd quarter valued at approximately $664,000. Thrivent Financial for Lutherans lifted its stake in 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares in the last quarter. Renaissance Technologies LLC lifted its stake in 1st Source by 9.6% in the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock valued at $7,813,000 after buying an additional 12,774 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in 1st Source by 169.4% in the 3rd quarter. Quest Partners LLC now owns 12,564 shares of the financial services provider’s stock valued at $752,000 after buying an additional 7,900 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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.