Vest Financial LLC Invests $766,000 in 1st Source Co. (NASDAQ:SRCE)

Vest Financial LLC acquired a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,804 shares of the financial services provider's stock, valued at approximately $766,000. Vest Financial LLC owned 0.05% of 1st Source at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SRCE. Jones Financial Companies Lllp boosted its position in shares of 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock valued at $71,000 after acquiring an additional 465 shares during the last quarter. Picton Mahoney Asset Management boosted its position in shares of 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock valued at $111,000 after acquiring an additional 977 shares during the last quarter. Aquatic Capital Management LLC boosted its position in shares of 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock valued at $147,000 after acquiring an additional 315 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock valued at $218,000 after acquiring an additional 2,204 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of 1st Source during the 4th quarter valued at approximately $219,000. 74.45% of the stock is currently owned by institutional investors.

1st Source Trading Down 0.6%

SRCE stock traded down $0.35 during midday trading on Wednesday, reaching $61.81. The company's stock had a trading volume of 92,260 shares, compared to its average volume of 87,271. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a fifty day simple moving average of $59.11 and a two-hundred day simple moving average of $60.78. 1st Source Co. has a 1 year low of $49.07 and a 1 year high of $68.13. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 11.53 and a beta of 0.68.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results 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. 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 analyst estimates of $100.97 million. On average, equities research analysts predict that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Increases Dividend

The company also recently declared 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 an increase from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date was Monday, May 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.46%. 1st Source's dividend payout ratio is presently 26.71%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. 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. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 24th.

About 1st Source

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.