R Squared Ltd Takes $40,000 Position in 1st Source Co. (NASDAQ:SRCE)

R Squared Ltd bought a new position in shares of 1st Source Co. (NASDAQ:SRCE) during the fourth quarter, Holdings Channel.com reports. The fund bought 690 shares of the financial services provider’s stock, valued at approximately $40,000.

Other large investors have also recently bought and sold shares of the company. New York State Teachers Retirement System raised its position in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after buying an additional 182 shares during the last quarter. Inspire Investing LLC increased its stake in 1st Source by 4.4% during the third quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock valued at $414,000 after acquiring an additional 293 shares during the period. nVerses Capital LLC raised its holdings in 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 600 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of 1st Source by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock worth $3,618,000 after acquiring an additional 600 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of 1st Source by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider’s stock worth $663,000 after purchasing an additional 750 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SRCE has been the subject of several research reports. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th.

1st Source Stock Performance

Shares of NASDAQ:SRCE opened at $62.72 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The business’s fifty day moving average price is $60.55 and its two-hundred day moving average price is $60.51. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 11.70 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. As a group, analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

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.