Mirae Asset Global Investments Co. Ltd. Acquires 1,938 Shares of 1st Source Co. (NASDAQ:SRCE)

Mirae Asset Global Investments Co. Ltd. increased its stake in 1st Source Co. (NASDAQ:SRCE) by 18.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 12,241 shares of the financial services provider’s stock after buying an additional 1,938 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in 1st Source were worth $718,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Financial Life Planners purchased a new stake in shares of 1st Source during the 4th quarter worth approximately $48,000. R Squared Ltd bought a new position in shares of 1st Source during the 4th quarter worth $40,000. SG Americas Securities LLC raised its stake in 1st Source by 38.3% in the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock valued at $508,000 after acquiring an additional 2,411 shares during the period. JPMorgan Chase & Co. lifted its holdings in 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after purchasing an additional 24,470 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of 1st Source in the third quarter worth about $664,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 2.0 %

Shares of SRCE stock opened at $66.28 on Thursday. The firm has a market cap of $1.63 billion, a P/E ratio of 12.37 and a beta of 0.81. 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 12-month low of $47.30 and a 12-month high of $68.13. The business has a 50-day moving average price of $60.61 and a two-hundred day moving average price of $60.72.

1st Source (NASDAQ:SRCE) last posted 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 12.07%. Equities analysts anticipate that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.17%. 1st Source’s dividend payout ratio is presently 26.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Saturday, February 1st. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods boosted their target price on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

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.