1st Source Co. (NASDAQ:SRCE) Shares Bought by Nuveen Asset Management LLC

Nuveen Asset Management LLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 154.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 139,017 shares of the financial services provider's stock after acquiring an additional 84,378 shares during the period. Nuveen Asset Management LLC owned approximately 0.57% of 1st Source worth $8,116,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SRCE. R Squared Ltd purchased a new stake in 1st Source during the fourth quarter worth about $40,000. Financial Life Planners acquired a new position in shares of 1st Source in the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp increased its stake in 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 worth $71,000 after buying an additional 465 shares during the period. Picton Mahoney Asset Management lifted its holdings in 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 worth $111,000 after buying an additional 977 shares in the last quarter. Finally, Aquatic Capital Management LLC lifted its holdings in 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 worth $147,000 after buying an additional 315 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 24th. Piper Sandler increased their price objective 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 Stock Performance

Shares of 1st Source stock traded down $0.32 on Friday, reaching $60.60. 94,704 shares of the stock were exchanged, compared to its average volume of 86,496. The firm has a market capitalization of $1.49 billion, a PE ratio of 11.31 and a beta of 0.69. 1st Source Co. has a 1-year low of $48.97 and a 1-year high of $68.13. The business has a fifty day moving average price of $58.84 and a two-hundred day moving average price of $61.01. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.16. The company had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. As a group, research analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal 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 issued a dividend of $0.38 per share. The ex-dividend date was Monday, May 5th. This is an increase from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. 1st Source's payout ratio is 26.71%.

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.