Millennium Management LLC Has $11.90 Million Stake in 1st Source Co. (NASDAQ:SRCE)

Millennium Management LLC boosted its position in 1st Source Co. (NASDAQ:SRCE - Free Report) by 34.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 203,856 shares of the financial services provider's stock after acquiring an additional 52,110 shares during the quarter. Millennium Management LLC owned 0.83% of 1st Source worth $11,901,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Valeo Financial Advisors LLC increased its stake in 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 acquiring an additional 221 shares during the last quarter. Aquatic Capital Management LLC increased its stake in 1st Source by 14.3% in the fourth 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. Isthmus Partners LLC increased its stake in 1st Source by 0.6% in the fourth quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider's stock valued at $3,190,000 after acquiring an additional 328 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in 1st Source by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,444 shares of the financial services provider's stock valued at $610,000 after acquiring an additional 388 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its stake in 1st Source by 61.4% in the fourth 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. 74.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SRCE. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a research report on Saturday, May 24th. Piper Sandler raised their target price on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research report on Monday, April 28th.

1st Source Price Performance

1st Source stock traded down $0.13 during mid-day trading on Thursday, reaching $60.59. The company had a trading volume of 12,108 shares, compared to its average volume of 96,217. 1st Source Co. has a fifty-two week low of $48.97 and a fifty-two week high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.49 billion, a P/E ratio of 11.30 and a beta of 0.69. The business has a fifty day simple moving average of $58.88 and a 200 day simple moving average of $61.10.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.36 by $0.16. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The firm 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 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Monday, May 5th. This is a positive change from 1st Source's previous quarterly dividend of $0.36. 1st Source's payout ratio is 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.