Cubist Systematic Strategies LLC Sells 9,909 Shares of 1st Source Co. (NASDAQ:SRCE)

Cubist Systematic Strategies LLC lessened its stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 59.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,765 shares of the financial services provider's stock after selling 9,909 shares during the period. Cubist Systematic Strategies LLC's holdings in 1st Source were worth $395,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its position in shares of 1st Source by 91.3% in 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 during the period. Northern Trust Corp boosted its position in shares of 1st Source by 5.2% in 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 during the period. Barclays PLC boosted its position in shares of 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock valued at $2,487,000 after acquiring an additional 25,687 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 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 valued at $34,616,000 after acquiring an additional 6,569 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock valued at $5,450,000 after acquiring an additional 24,470 shares during the period. Institutional investors and hedge funds own 74.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SRCE shares. Keefe, Bruyette & Woods increased their price objective 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. Piper Sandler raised their target price on 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research report on Saturday, May 10th.

1st Source Price Performance

1st Source stock traded down $0.06 during mid-day trading on Thursday, hitting $61.09. 5,812 shares of the company were exchanged, compared to its average volume of 85,658. The business has a fifty day moving average of $59.03 and a 200 day moving average of $61.19. 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 1-year low of $48.97 and a 1-year high of $68.13. The company has a market capitalization of $1.50 billion, a PE ratio of 11.36 and a beta of 0.69.

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

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were given a dividend of $0.38 per share. This is a positive change from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Monday, May 5th. 1st Source's payout ratio is presently 26.71%.

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.