Balyasny Asset Management L.P. Takes $802,000 Position in 1st Source Co. (NASDAQ:SRCE)

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

Several other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in 1st Source by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock worth $34,616,000 after purchasing an additional 6,569 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of 1st Source by 2.6% during the fourth quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider's stock valued at $30,349,000 after acquiring an additional 13,273 shares in the last quarter. Northern Trust Corp raised its stake in shares of 1st Source by 5.2% during the fourth quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider's stock valued at $10,767,000 after acquiring an additional 9,165 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock valued at $7,197,000 after acquiring an additional 32,257 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 1st Source by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider's stock valued at $7,167,000 after acquiring an additional 1,598 shares in the last quarter. Institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

NASDAQ SRCE traded up $0.16 on Tuesday, reaching $62.56. 13,546 shares of the company's stock traded hands, compared to its average volume of 85,438. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 11.67 and a beta of 0.69. The stock has a 50 day moving average price of $58.98 and a 200-day moving average price of $61.18. 1st Source Co. has a fifty-two week low of $48.97 and a fifty-two week high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share 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%. Equities research analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Monday, May 5th. This is a boost from 1st Source's previous quarterly dividend of $0.36. 1st Source's dividend payout ratio is currently 26.71%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 10th. Piper Sandler lifted their price objective on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a report on Monday, January 27th.

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.