Bridgeway Capital Management LLC lifted its holdings in 1st Source Co. (NASDAQ:SRCE - Free Report) by 15.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 196,617 shares of the financial services provider's stock after acquiring an additional 27,025 shares during the period. Bridgeway Capital Management LLC owned approximately 0.80% of 1st Source worth $11,478,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC boosted its stake in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after acquiring an additional 25,687 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of 1st Source by 7.3% during the third quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider's stock valued at $663,000 after purchasing an additional 750 shares during the period. JPMorgan Chase & Co. grew its stake in shares of 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock valued at $5,450,000 after buying an additional 24,470 shares during the period. SG Americas Securities LLC grew its stake in shares of 1st Source by 38.3% in the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider's stock valued at $508,000 after buying an additional 2,411 shares during the period. Finally, R Squared Ltd bought a new stake in 1st Source in the 4th quarter valued at about $40,000. 74.45% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on SRCE. Keefe, Bruyette & Woods raised their price objective on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday, January 27th. Piper Sandler boosted their price target on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a report on Thursday, April 24th.
Read Our Latest Report on SRCE
1st Source Stock Performance
Shares of 1st Source stock opened at $60.44 on Wednesday. The company has a market cap of $1.48 billion, a PE ratio of 11.28 and a beta of 0.69. 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 Co. has a 52 week low of $48.97 and a 52 week high of $68.13. The business has a 50 day moving average price of $59.03 and a 200-day moving average price of $61.02.
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, beating the consensus estimate of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. The business had revenue of $104.04 million for the quarter, compared to analysts' expectations of $100.97 million. Equities analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.
1st Source Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be given a $0.38 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.52 annualized dividend and a yield of 2.51%. This is a boost from 1st Source's previous quarterly dividend of $0.36. 1st Source's payout ratio is currently 26.71%.
1st Source Company Profile
(
Free Report)
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.
Further Reading
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