1st Source Co. (NASDAQ:SRCE) Shares Sold by AlphaQuest LLC

AlphaQuest LLC cut its stake in 1st Source Co. (NASDAQ:SRCE) by 17.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,322 shares of the financial services provider’s stock after selling 2,242 shares during the quarter. AlphaQuest LLC’s holdings in 1st Source were worth $603,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

SRCE has been the subject of a number of recent research reports. Keefe, Bruyette & Woods raised their target price 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. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a report on Friday, March 7th.

1st Source Stock Performance

NASDAQ SRCE opened at $59.45 on Wednesday. The stock has a market cap of $1.46 billion, a PE ratio of 11.09 and a beta of 0.78. 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 twelve month low of $47.30 and a twelve month high of $68.13. The stock has a fifty day simple moving average of $61.69 and a 200-day simple moving average of $61.41.

1st Source (NASDAQ:SRCE) last released its quarterly 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%. Equities analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently announced 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. This represents a $1.44 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is 26.87%.

1st Source Company 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.