1st Source Co. (NASDAQ:SRCE) Holdings Raised by American Century Companies Inc.

American Century Companies Inc. increased its position in 1st Source Co. (NASDAQ:SRCE) by 11.5% in the second quarter, HoldingsChannel reports. The firm owned 174,688 shares of the financial services provider’s stock after acquiring an additional 18,049 shares during the period. American Century Companies Inc.’s holdings in 1st Source were worth $9,367,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SRCE. Isthmus Partners LLC boosted its stake in shares of 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock valued at $36,000 after buying an additional 1,943 shares during the period. LRI Investments LLC bought a new stake in 1st Source during the 1st quarter valued at approximately $48,000. CWM LLC grew its position in 1st Source by 726.1% in the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,198 shares during the last quarter. New York State Teachers Retirement System acquired a new stake in shares of 1st Source during the 1st quarter worth approximately $78,000. Finally, PNC Financial Services Group Inc. increased its holdings in 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Price Performance

Shares of SRCE opened at $60.29 on Monday. The stock’s 50-day moving average price is $59.87 and its two-hundred day moving average price is $54.12. 1st Source Co. has a 1 year low of $40.96 and a 1 year high of $65.63. The stock has a market cap of $1.48 billion, a P/E ratio of 12.13 and a beta of 0.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The firm had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same period in the previous year, the firm earned $1.30 earnings per share. On average, equities analysts predict that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a $0.36 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, August 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.39%. 1st Source’s dividend payout ratio (DPR) is currently 28.97%.

Wall Street Analysts Forecast Growth

SRCE has been the subject of a number of recent research reports. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

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.