Financial Life Planners Makes New $48,000 Investment in 1st Source Co. (NASDAQ:SRCE)

Financial Life Planners acquired a new stake in 1st Source Co. (NASDAQ:SRCE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 821 shares of the financial services provider’s stock, valued at approximately $48,000.

Other institutional investors have also recently added to or reduced their stakes in the company. R Squared Ltd purchased a new stake in 1st Source in the 4th quarter valued at about $40,000. nVerses Capital LLC boosted its position in shares of 1st Source by 150.0% in the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 600 shares during the last quarter. New York State Teachers Retirement System grew its holdings in 1st Source by 12.2% in 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 purchasing an additional 182 shares during the period. Quantbot Technologies LP acquired a new position in 1st Source during the third quarter worth approximately $122,000. Finally, CWM LLC raised its stake in 1st Source by 122.7% during the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 1,672 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Stock Performance

Shares of SRCE stock opened at $62.58 on Tuesday. The company’s fifty day simple moving average is $60.48 and its 200-day simple moving average is $60.53. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. The company has a market cap of $1.53 billion, a PE ratio of 11.68 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 12.07% and a net margin of 23.10%. As a group, equities research analysts anticipate that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

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

Analysts Set New Price Targets

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

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.