Quest Partners LLC Raises Position in 1st Source Co. (NASDAQ:SRCE)

Quest Partners LLC lifted its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 169.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,564 shares of the financial services provider’s stock after buying an additional 7,900 shares during the period. Quest Partners LLC owned about 0.05% of 1st Source worth $752,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Isthmus Partners LLC boosted its holdings in 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 1,943 shares during the last quarter. LRI Investments LLC bought a new position in shares of 1st Source during the first quarter valued at about $48,000. nVerses Capital LLC boosted its holdings in 1st Source by 150.0% during the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares during the last quarter. 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 in the last quarter. Finally, New York State Teachers Retirement System increased its stake in 1st Source by 12.2% in the 3rd 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. Institutional investors own 74.45% of the company’s stock.

1st Source Trading Up 1.2 %

Shares of SRCE opened at $65.02 on Friday. 1st Source Co. has a fifty-two week low of $47.24 and a fifty-two week high of $67.74. The business has a 50-day moving average of $60.97 and a 200 day moving average of $57.38. The firm has a market cap of $1.59 billion, a P/E ratio of 12.38 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. The company had revenue of $97.93 million for the quarter, compared to analysts’ expectations of $97.30 million. During the same period in the prior year, the company posted $1.32 EPS. As a group, research analysts forecast that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.21%. 1st Source’s payout ratio is 27.43%.

Wall Street Analysts Forecast Growth

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