Connor Clark & Lunn Investment Management Ltd. Increases Position in 1st Source Co. (NASDAQ:SRCE)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in 1st Source Co. (NASDAQ:SRCE) by 48.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 42,390 shares of the financial services provider’s stock after acquiring an additional 13,784 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in 1st Source were worth $2,475,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. R Squared Ltd purchased a new position in shares of 1st Source in the 4th quarter worth approximately $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the 4th quarter worth approximately $48,000. Jones Financial Companies Lllp boosted its stake in shares of 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of 1st Source in the 3rd quarter worth approximately $122,000. Finally, Raymond James Financial Inc. purchased a new position in 1st Source in the fourth quarter valued at approximately $250,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on SRCE shares. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Friday, March 7th. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods boosted their target price 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 0.9 %

1st Source stock opened at $62.19 on Wednesday. The stock has a market cap of $1.53 billion, a P/E ratio of 11.60 and a beta of 0.78. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The firm’s fifty day moving average price is $62.05 and its 200-day moving average price is $61.42. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

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 the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities research analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced 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 of this dividend was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.32%. 1st Source’s dividend payout ratio is presently 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.