Dimensional Fund Advisors LP Buys 11,465 Shares of 1st Source Co. (NASDAQ:SRCE)

Dimensional Fund Advisors LP grew its position in 1st Source Co. (NASDAQ:SRCE) by 0.7% in the second quarter, Holdings Channel reports. The fund owned 1,588,461 shares of the financial services provider’s stock after acquiring an additional 11,465 shares during the quarter. Dimensional Fund Advisors LP owned 0.06% of 1st Source worth $85,171,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SRCE. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their price target for the company from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $62.00 target price (up from $54.00) on shares of 1st Source in a research report on Monday, July 29th.

1st Source Stock Down 1.1 %

1st Source stock opened at $58.13 on Thursday. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 11.70 and a beta of 0.79. 1st Source Co. has a 52-week low of $40.96 and a 52-week high of $65.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50 day moving average price of $59.74 and a two-hundred day moving average price of $54.25.

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

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.36 per share. This is a positive change 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 2.48%. 1st Source’s dividend payout ratio is presently 28.97%.

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.