Isthmus Partners LLC Grows Holdings in 1st Source Co. (NASDAQ:SRCE)

Isthmus Partners LLC boosted its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 0.6% in the fourth quarter, Holdings Channel reports. The fund owned 54,649 shares of the financial services provider’s stock after purchasing an additional 328 shares during the period. Isthmus Partners LLC’s holdings in 1st Source were worth $3,190,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of SRCE. R Squared Ltd purchased a new stake in 1st Source in the 4th quarter valued at approximately $40,000. Financial Life Planners purchased a new stake in shares of 1st Source in the 4th quarter worth about $48,000. Jones Financial Companies Lllp grew its position in shares of 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 465 shares during the last quarter. New York State Teachers Retirement System grew its holdings in 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after buying an additional 182 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of 1st Source during the third quarter valued at $122,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Stock Performance

1st Source stock opened at $62.73 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $61.63 and a 200-day moving average of $61.41. The stock has a market cap of $1.54 billion, a P/E ratio of 11.70 and a beta of 0.78. 1st Source Co. has a 52 week low of $47.30 and a 52 week 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 analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, analysts expect that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.36 dividend. The ex-dividend date was 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 26.87%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SRCE shares. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a report on Friday. Piper Sandler upgraded shares of 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 boosted their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

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.