VELA Investment Management LLC Acquires 8,113 Shares of 1st Source Co. (NASDAQ:SRCE)

VELA Investment Management LLC raised its holdings in 1st Source Co. (NASDAQ:SRCE) by 26.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,246 shares of the financial services provider’s stock after acquiring an additional 8,113 shares during the period. VELA Investment Management LLC’s holdings in 1st Source were worth $2,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SRCE. Thrivent Financial for Lutherans grew its position in 1st Source by 625.6% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in 1st Source in the third quarter valued at about $1,713,000. Barclays PLC grew its position in 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. grew its position in 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 acquiring an additional 24,470 shares during the last quarter. Finally, Jane Street Group LLC grew its position in 1st Source by 152.7% in 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 acquiring an additional 21,254 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

Analysts Set New Price Targets

SRCE has been the topic of several research reports. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a report on Wednesday, February 19th. Finally, Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $72.50 in a report on Monday, January 27th.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $64.29 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a twelve month low of $47.30 and a twelve month high of $68.13. The stock’s 50 day moving average is $61.13 and its 200-day moving average is $61.11. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 11.99 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Sell-side analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.24%. 1st Source’s dividend payout ratio (DPR) is currently 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.