1st Source Co. (NASDAQ:SRCE) Shares Purchased by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury boosted its position in 1st Source Co. (NASDAQ:SRCE - Free Report) by 174.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,018 shares of the financial services provider's stock after purchasing an additional 7,010 shares during the quarter. State of Tennessee Department of Treasury's holdings in 1st Source were worth $643,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. R Squared Ltd purchased a new stake in shares of 1st Source during the fourth quarter valued at $40,000. Financial Life Planners acquired a new stake in 1st Source during the fourth quarter worth about $48,000. Jones Financial Companies Lllp increased its holdings in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock worth $71,000 after acquiring an additional 465 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock worth $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after acquiring an additional 2,204 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Price Performance

Shares of NASDAQ SRCE traded up $0.39 during trading on Thursday, reaching $60.67. The company had a trading volume of 6,070 shares, compared to its average volume of 83,982. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.49 billion, a PE ratio of 11.32 and a beta of 0.69. 1st Source Co. has a twelve month low of $48.97 and a twelve month high of $68.13. The stock has a 50-day moving average price of $58.93 and a two-hundred day moving average price of $61.01.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.16. The business had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, sell-side analysts predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be given a dividend of $0.38 per share. This is a positive change from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.52 annualized dividend and a yield of 2.51%. 1st Source's dividend payout ratio is 26.71%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Thursday, April 24th. Piper Sandler boosted their price objective on shares of 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods raised their price target on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research report on Monday, January 27th.

1st Source 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.