1st Source Co. (NASDAQ:SRCE) Shares Acquired by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 15.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 196,617 shares of the financial services provider's stock after buying an additional 27,025 shares during the period. Bridgeway Capital Management LLC owned about 0.80% of 1st Source worth $11,478,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SRCE. Norges Bank purchased a new position in 1st Source during the fourth quarter valued at approximately $2,984,000. JPMorgan Chase & Co. grew its holdings in shares of 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock valued at $7,197,000 after purchasing an additional 32,257 shares in the last quarter. American Century Companies Inc. boosted its stake in 1st Source by 30.5% during the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider's stock worth $6,985,000 after buying an additional 27,966 shares during the period. Barclays PLC lifted its stake in shares of 1st Source by 162.2% during the 3rd 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 during the last quarter. Finally, Sei Investments Co. raised its stake in shares of 1st Source by 91.3% during the fourth quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider's stock valued at $3,123,000 after acquiring an additional 25,528 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Stock Up 3.7%

NASDAQ SRCE traded up $2.24 during trading on Monday, hitting $63.28. The company's stock had a trading volume of 52,437 shares, compared to its average volume of 84,754. 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 market cap of $1.55 billion, a PE ratio of 11.81 and a beta of 0.69. 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 business's 50 day simple moving average is $58.83 and its 200-day simple moving average is $61.06.

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 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 the consensus estimate of $100.97 million. On average, equities analysts anticipate 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 will be paid on Thursday, May 15th. Stockholders 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 is a boost from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.40%. 1st Source's payout ratio is 26.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research report on Saturday. Piper Sandler increased their target price on 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods increased their price target on shares of 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.