1st Source Corporation (NASDAQ:SRCE) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC raised its position in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 5,970.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 16,268 shares of the financial services provider's stock after purchasing an additional 16,000 shares during the period. GAMMA Investing LLC owned 0.07% of 1st Source worth $973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC increased its holdings in shares of 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider's stock valued at $591,000 after purchasing an additional 221 shares during the last quarter. Rhumbline Advisers grew its holdings in 1st Source by 1.6% in the 4th quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider's stock valued at $2,466,000 after buying an additional 656 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of 1st Source by 9.0% in the 4th quarter. Principal Financial Group Inc. now owns 12,096 shares of the financial services provider's stock worth $706,000 after acquiring an additional 1,001 shares during the last quarter. Ieq Capital LLC acquired a new stake in shares of 1st Source in the 4th quarter worth $250,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of 1st Source during the 4th quarter worth $854,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Trading Up 0.4%

SRCE stock traded up $0.22 during midday trading on Friday, hitting $59.34. 94,608 shares of the company's stock were exchanged, compared to its average volume of 89,448. 1st Source Corporation has a 1-year low of $49.69 and a 1-year high of $68.13. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.46 billion, a PE ratio of 10.44 and a beta of 0.68. The business has a 50-day simple moving average of $59.68 and a two-hundred day simple moving average of $60.56.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly 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 12.26% and a net margin of 24.17%. The business had revenue of $104.04 million during the quarter, compared to analysts' expectations of $100.97 million. On average, sell-side analysts predict that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a $0.38 dividend. 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 2.56%. The ex-dividend date of this dividend was Monday, May 5th. 1st Source's dividend payout ratio is currently 26.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SRCE. Piper Sandler upped their price objective on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Weiss Ratings reiterated a "buy (b-)" rating on shares of 1st Source in a report on Wednesday, June 11th.

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.