SG Americas Securities LLC Buys 2,411 Shares of 1st Source Co. (NASDAQ:SRCE)

SG Americas Securities LLC boosted its position in 1st Source Co. (NASDAQ:SRCE) by 38.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,700 shares of the financial services provider’s stock after acquiring an additional 2,411 shares during the quarter. SG Americas Securities LLC’s holdings in 1st Source were worth $508,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SRCE. Thrivent Financial for Lutherans increased its holdings in shares of 1st Source by 625.6% during the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after acquiring an additional 28,648 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in 1st Source during the 3rd quarter valued at $1,713,000. Barclays PLC raised its holdings in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after buying an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after buying an additional 24,470 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of 1st Source by 152.7% during the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock valued at $2,106,000 after buying an additional 21,254 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

1st Source Stock Performance

NASDAQ SRCE opened at $62.72 on Friday. The company has a fifty day moving average price of $60.55 and a 200-day moving average price of $60.52. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 11.70 and a beta of 0.82. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1 year low of $47.30 and a 1 year high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating 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, equities research analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.30%. 1st Source’s dividend payout ratio (DPR) is currently 26.87%.

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.