AQR Capital Management LLC Acquires 12,067 Shares of 1st Source Co. (NASDAQ:SRCE)

AQR Capital Management LLC boosted its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 17.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,494 shares of the financial services provider’s stock after acquiring an additional 12,067 shares during the quarter. AQR Capital Management LLC owned 0.33% of 1st Source worth $4,370,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in shares of 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock worth $51,960,000 after purchasing an additional 39,514 shares during the last quarter. Denali Advisors LLC lifted its holdings in 1st Source by 47.0% during the 2nd quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock worth $5,635,000 after buying an additional 33,600 shares during the period. Isthmus Partners LLC grew its position in shares of 1st Source by 41.3% in the 1st quarter. Isthmus Partners LLC now owns 64,977 shares of the financial services provider’s stock valued at $3,406,000 after buying an additional 18,976 shares during the last quarter. American Century Companies Inc. increased its stake in shares of 1st Source by 11.5% in the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock valued at $9,367,000 after buying an additional 18,049 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of 1st Source during the first quarter worth about $628,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Stock Performance

Shares of 1st Source stock opened at $58.76 on Friday. The business has a 50-day moving average price of $59.28 and a two-hundred day moving average price of $54.62. 1st Source Co. has a 1-year low of $41.36 and a 1-year high of $65.63. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.44 billion, a P/E ratio of 11.82 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The business had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same quarter last year, the firm posted $1.30 earnings per share. As a group, analysts anticipate that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Monday, August 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s payout ratio is presently 28.97%.

Analyst Upgrades and Downgrades

SRCE has been the topic of several analyst reports. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and upped their target price for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price objective (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

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.