Principal Financial Group Inc. Acquires 1,001 Shares of 1st Source Co. (NASDAQ:SRCE)

Principal Financial Group Inc. boosted its holdings in 1st Source Co. (NASDAQ:SRCE) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,096 shares of the financial services provider’s stock after buying an additional 1,001 shares during the period. Principal Financial Group Inc.’s holdings in 1st Source were worth $706,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. New York State Teachers Retirement System lifted its holdings in shares of 1st Source by 12.2% in the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after buying an additional 182 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in 1st Source by 2.2% during the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock valued at $591,000 after acquiring an additional 221 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in 1st Source by 1.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock worth $3,618,000 after acquiring an additional 600 shares during the period. Rhumbline Advisers lifted its stake in 1st Source by 1.6% in the 4th quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider’s stock worth $2,466,000 after purchasing an additional 656 shares in the last quarter. Finally, R Squared Ltd bought a new position in 1st Source in the 4th quarter valued at $40,000. Institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $62.39 on Friday. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 11.64 and a beta of 0.81. The company’s fifty day moving average price is $61.50 and its 200-day moving average price is $61.33.

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, beating 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%. On average, equities research analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.31%. 1st Source’s dividend payout ratio is 26.87%.

Analysts Set New Price Targets

SRCE has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Wednesday, February 19th. Finally, Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $72.50 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.