First Trust Advisors LP Acquires 14,751 Shares of 1st Source Co. (NASDAQ:SRCE)

First Trust Advisors LP raised its stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 27.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,918 shares of the financial services provider's stock after purchasing an additional 14,751 shares during the quarter. First Trust Advisors LP owned 0.28% of 1st Source worth $4,023,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. R Squared Ltd bought a new stake in 1st Source in the fourth quarter valued at $40,000. Financial Life Planners bought a new stake in shares of 1st Source in the 4th quarter worth about $48,000. Jones Financial Companies Lllp increased its position in shares of 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 purchasing an additional 465 shares in the last quarter. 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 valued at $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in 1st Source during the fourth quarter worth about $219,000. 74.45% of the stock is currently owned by institutional investors.

1st Source Trading Up 0.6 %

SRCE traded up $0.39 during midday trading on Thursday, reaching $60.67. 6,070 shares of the company were exchanged, compared to its average volume of 83,982. The stock has a market capitalization of $1.49 billion, a P/E ratio of 11.32 and a beta of 0.69. 1st Source Co. has a one year low of $48.97 and a one year high of $68.13. The stock's 50-day simple moving average is $58.93 and its 200 day simple moving average is $61.01. 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 released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The business had revenue of $104.04 million for the quarter, compared to analyst estimates of $100.97 million. As a group, analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be given a $0.38 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.51%. This is a boost from 1st Source's previous quarterly dividend of $0.36. 1st Source's dividend payout ratio is currently 26.71%.

Wall Street Analyst Weigh In

A number of research analysts have commented on SRCE shares. Piper Sandler increased 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. Keefe, Bruyette & Woods lifted their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a report on Thursday, April 24th.

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.