Legato Capital Management LLC Has $1.48 Million Stock Position in 1st Source Co. (NASDAQ:SRCE)

Legato Capital Management LLC increased its stake in 1st Source Co. (NASDAQ:SRCE) by 9.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 25,380 shares of the financial services provider’s stock after purchasing an additional 2,255 shares during the quarter. Legato Capital Management LLC’s holdings in 1st Source were worth $1,482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jane Street Group LLC raised its position in 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 worth $2,106,000 after acquiring an additional 21,254 shares in the last quarter. State Street Corp raised its holdings in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after purchasing an additional 9,235 shares during the period. Barclays PLC lifted its stake in 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in 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 worth $1,989,000 after purchasing an additional 28,648 shares during the period. Finally, JPMorgan Chase & Co. increased its position in 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after buying an additional 24,470 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SRCE has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Saturday, February 1st. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and raised their price target for the company from $70.00 to $72.50 in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of 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 Trading Down 2.0 %

Shares of SRCE stock opened at $66.28 on Thursday. 1st Source Co. has a 12-month low of $47.30 and a 12-month high of $68.13. The firm has a 50 day moving average price of $60.61 and a two-hundred day moving average price of $60.72. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.63 billion, a PE ratio of 12.37 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate 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, analysts predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.17%. 1st Source’s payout ratio is presently 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.