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

Several other institutional investors and hedge funds have also bought and sold shares of SRCE. Aquatic Capital Management LLC lifted its stake in shares of 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after buying an additional 315 shares during the period. Financial Life Planners raised its holdings in shares of 1st Source by 239.1% during the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after purchasing an additional 1,963 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of 1st Source by 143.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after purchasing an additional 2,204 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of 1st Source during the fourth quarter worth $250,000. Finally, ProShare Advisors LLC grew its position in 1st Source by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock valued at $302,000 after buying an additional 1,701 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Up 0.1%

Shares of SRCE traded up $0.08 during mid-day trading on Thursday, reaching $64.69. The stock had a trading volume of 60,880 shares, compared to its average volume of 79,394. The business's fifty day moving average is $62.24 and its 200 day moving average is $61.15. 1st Source Corporation has a 52-week low of $52.14 and a 52-week high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 11.33 and a beta of 0.71.

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

1st Source Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.3%. 1st Source's dividend payout ratio is presently 26.62%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SRCE shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. DA Davidson increased their price objective on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Piper Sandler increased their price objective on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 1st Source in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, 1st Source has a consensus rating of "Hold" and a consensus target price of $72.00.

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.