Raymond James Financial Inc. Purchases Shares of 4,279 1st Source Co. (NASDAQ:SRCE)

Raymond James Financial Inc. acquired a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,279 shares of the financial services provider's stock, valued at approximately $250,000.

Several other institutional investors have also added to or reduced their stakes in SRCE. Sei Investments Co. increased its holdings in shares of 1st Source by 91.3% during the fourth quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider's stock worth $3,123,000 after buying an additional 25,528 shares in the last quarter. Barclays PLC increased its holdings in shares of 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after buying an additional 25,687 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 1st Source by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock worth $34,616,000 after buying an additional 6,569 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock worth $5,450,000 after buying an additional 24,470 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of 1st Source during the fourth quarter worth $502,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Trading Down 0.5%

Shares of 1st Source stock traded down $0.34 during trading on Friday, hitting $62.28. The company's stock had a trading volume of 22,027 shares, compared to its average volume of 85,192. 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 52 week low of $48.97 and a 52 week high of $68.13. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 11.62 and a beta of 0.69. The stock has a 50-day moving average price of $58.87 and a two-hundred day moving average price of $61.13.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly 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 business had revenue of $104.04 million for the quarter, compared to analysts' expectations of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities research analysts anticipate that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.44%. 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 dividend payout ratio is currently 26.71%.

Wall Street Analysts Forecast Growth

SRCE has been the subject of several research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 10th. Piper Sandler boosted their price objective on shares of 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research note on Monday, January 27th.

1st Source 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.