Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 28,606 1st Source Co. (NASDAQ:SRCE)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in 1st Source Co. (NASDAQ:SRCE) during the third quarter, Holdings Channel reports. The firm acquired 28,606 shares of the financial services provider’s stock, valued at approximately $1,713,000.

Other institutional investors have also modified their holdings of the company. Denali Advisors LLC raised its position in 1st Source by 47.0% in the second quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock worth $5,635,000 after acquiring an additional 33,600 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after purchasing an additional 28,648 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of 1st Source by 11.5% in the 2nd quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock worth $9,367,000 after purchasing an additional 18,049 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in 1st Source by 95.8% during the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock valued at $1,683,000 after purchasing an additional 13,753 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in 1st Source by 9.6% during the second quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after buying an additional 12,774 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Stock Performance

1st Source stock opened at $66.19 on Tuesday. 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 company has a market cap of $1.62 billion, a P/E ratio of 12.61 and a beta of 0.78. 1st Source Co. has a fifty-two week low of $47.24 and a fifty-two week high of $68.13. The firm’s 50 day simple moving average is $61.24 and its 200-day simple moving average is $57.66.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $97.30 million. During the same period in the previous year, the business earned $1.32 EPS. As a group, equities research analysts predict that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.18%. 1st Source’s dividend payout ratio (DPR) is presently 27.43%.

Analyst Upgrades and Downgrades

SRCE has been the topic of several research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price target (up previously 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 boosted their target price for the stock 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.