First Trust Advisors LP Raises Position in 1st Source Co. (NASDAQ:SRCE)

First Trust Advisors LP grew its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 27.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,918 shares of the financial services provider's stock after buying an additional 14,751 shares during the period. First Trust Advisors LP owned 0.28% of 1st Source worth $4,023,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new position in 1st Source in the 4th quarter worth $40,000. Financial Life Planners purchased a new stake in 1st Source during the 4th quarter valued at about $48,000. Jones Financial Companies Lllp increased its holdings in shares of 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 purchasing an additional 465 shares during the period. Picton Mahoney Asset Management raised its stake in shares of 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock worth $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of 1st Source during the fourth quarter worth about $219,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Stock Performance

SRCE stock traded down $0.52 during trading on Tuesday, hitting $60.44. 111,159 shares of the company traded hands, compared to its average volume of 83,696. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1 year low of $48.97 and a 1 year high of $68.13. The stock's 50-day simple moving average is $59.10 and its 200 day simple moving average is $61.02. The company has a market cap of $1.48 billion, a PE ratio of 11.28 and a beta of 0.69.

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 for the quarter, beating 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 firm had revenue of $104.04 million during the quarter, compared to analyst estimates of $100.97 million. On average, equities analysts expect that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be paid a dividend of $0.38 per share. 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 2.51%. The ex-dividend date of this dividend is Monday, May 5th. 1st Source's dividend payout ratio is presently 26.71%.

Analyst Ratings Changes

SRCE has been the topic of several research reports. Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a report on Monday, January 27th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Thursday, April 24th. Finally, Piper Sandler boosted 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.

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.