Quantbot Technologies LP Cuts Stake in 1st Source Co. (NASDAQ:SRCE)

Quantbot Technologies LP cut its holdings in 1st Source Co. (NASDAQ:SRCE) by 10.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,830 shares of the financial services provider’s stock after selling 213 shares during the quarter. Quantbot Technologies LP’s holdings in 1st Source were worth $107,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Intech Investment Management LLC bought a new position in shares of 1st Source during the fourth quarter valued at approximately $502,000. Picton Mahoney Asset Management increased its holdings in shares of 1st Source by 105.6% in the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 977 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 1st Source by 48.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,390 shares of the financial services provider’s stock valued at $2,475,000 after acquiring an additional 13,784 shares during the period. Isthmus Partners LLC increased its holdings in shares of 1st Source by 0.6% in the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider’s stock valued at $3,190,000 after acquiring an additional 328 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of 1st Source during the 4th quarter worth $250,000. Institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SRCE. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, March 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

1st Source Trading Down 0.7 %

NASDAQ:SRCE opened at $59.81 on Tuesday. The company has a market capitalization of $1.47 billion, a P/E ratio of 11.16 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 12 month low of $47.30 and a 12 month high of $68.13. The firm has a fifty day simple moving average of $62.83 and a 200-day simple moving average of $61.56.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS 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%. On average, equities research analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is currently 26.87%.

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.