Squarepoint Ops LLC Takes Position in 1st Source Co. (NASDAQ:SRCE)

Squarepoint Ops LLC purchased a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,589 shares of the financial services provider's stock, valued at approximately $793,000. Squarepoint Ops LLC owned 0.06% of 1st Source at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Barclays PLC increased its holdings in shares of 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock valued at $2,487,000 after purchasing an additional 25,687 shares during the period. SG Americas Securities LLC grew its position in 1st Source by 38.3% during the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider's stock valued at $508,000 after purchasing an additional 2,411 shares in the last quarter. R Squared Ltd purchased a new position in 1st Source during the fourth quarter valued at approximately $40,000. Financial Life Planners acquired a new position in 1st Source in the 4th quarter valued at approximately $48,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in 1st Source by 18.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,241 shares of the financial services provider's stock worth $718,000 after buying an additional 1,938 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Up 1.0%

Shares of NASDAQ SRCE traded up $0.63 during trading hours on Tuesday, hitting $60.83. The stock had a trading volume of 63,720 shares, compared to its average volume of 86,466. The firm's 50-day moving average price is $58.81 and its two-hundred day moving average price is $60.91. 1st Source Co. has a 52 week low of $48.97 and a 52 week high of $68.13. The company has a market capitalization of $1.49 billion, a P/E ratio of 11.35 and a beta of 0.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $100.97 million. Analysts anticipate that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.50%. The ex-dividend date 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 presently 26.71%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SRCE. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 24th. Piper Sandler lifted their price objective on 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research report on Monday, April 28th.

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.