American Century Companies Inc. Boosts Stake in 1st Source Corporation $SRCE

Key Points

• American Century Companies Inc. increased its stake in 1st Source Corporation by 57.8%, acquiring an additional 69,124 shares during the first quarter, bringing its total ownership to approximately 0.77% valued at $11.29 million.
• Research analysts have raised their target prices for 1st Source, with Piper Sandler setting a new price target of $80.00, indicating confidence in the stock's performance.
• The company recently reported quarterly earnings of $1.51 per share, surpassing analyst expectations, and also declared a quarterly dividend of $0.38, which represents an annual yield of 2.4%.

American Century Companies Inc. grew its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 57.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,763 shares of the financial services provider's stock after purchasing an additional 69,124 shares during the period. American Century Companies Inc. owned approximately 0.77% of 1st Source worth $11,290,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in shares of 1st Source during the 1st quarter valued at $7,012,000. Invesco Ltd. boosted its stake in shares of 1st Source by 2.3% in the 1st quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider's stock valued at $2,296,000 after purchasing an additional 846 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 1st Source by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider's stock valued at $36,604,000 after purchasing an additional 19,059 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 1st Source by 15.2% in the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock valued at $63,883,000 after purchasing an additional 140,698 shares in the last quarter. Finally, Picton Mahoney Asset Management boosted its stake in shares of 1st Source by 265.1% in the 1st quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock valued at $414,000 after purchasing an additional 5,042 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. DA Davidson lifted their target price on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler upped their price target on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $72.00.

1st Source Stock Down 0.4%

SRCE traded down $0.27 during trading on Friday, hitting $64.42. 49,333 shares of the company's stock traded hands, compared to its average volume of 73,600. The company's 50 day simple moving average is $62.34 and its two-hundred day simple moving average is $61.05. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $68.13. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 11.28 and a beta of 0.72.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The business had revenue of $108.25 million for the quarter, compared to the consensus estimate of $104.67 million. Analysts predict that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.4%. The ex-dividend date was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is currently 26.62%.

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.