Balyasny Asset Management L.P. Buys Shares of 13,745 1st Source Co. (NASDAQ:SRCE)

Balyasny Asset Management L.P. purchased a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 13,745 shares of the financial services provider's stock, valued at approximately $802,000. Balyasny Asset Management L.P. owned 0.06% of 1st Source at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Valeo Financial Advisors LLC grew its holdings in 1st Source by 2.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider's stock valued at $591,000 after buying an additional 221 shares in the last quarter. Aquatic Capital Management LLC lifted its holdings in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after buying an additional 315 shares during the period. Isthmus Partners LLC boosted its stake in 1st Source by 0.6% in the fourth quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider's stock valued at $3,190,000 after acquiring an additional 328 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of 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 valued at $71,000 after purchasing an additional 465 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of 1st Source by 1.3% in the fourth quarter. Invesco Ltd. now owns 37,537 shares of the financial services provider's stock valued at $2,191,000 after purchasing an additional 465 shares during the period. Institutional investors own 74.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SRCE. Keefe, Bruyette & Woods increased their price target on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Saturday, May 10th. Finally, Piper Sandler boosted their price target 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.

1st Source Price Performance

Shares of NASDAQ SRCE traded down $0.16 on Monday, hitting $62.19. The company's stock had a trading volume of 21,456 shares, compared to its average volume of 85,575. 1st Source Co. has a 12-month low of $48.97 and a 12-month high of $68.13. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 11.60 and a beta of 0.69. The stock has a 50 day moving average of $58.93 and a 200-day moving average of $61.16. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94.

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

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a $0.38 dividend. This is an increase from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend was Monday, May 5th. 1st Source's payout ratio is presently 26.71%.

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.