1st Source Co. (NASDAQ:SRCE) Shares Bought by Quest Partners LLC

Quest Partners LLC raised its position in 1st Source Co. (NASDAQ:SRCE) by 5.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 4,664 shares of the financial services provider’s stock after acquiring an additional 232 shares during the period. Quest Partners LLC’s holdings in 1st Source were worth $250,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SRCE. Wellington Management Group LLP lifted its stake in shares of 1st Source by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock worth $51,960,000 after acquiring an additional 39,514 shares during the period. Isthmus Partners LLC lifted its stake 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 worth $3,406,000 after acquiring an additional 18,976 shares during the period. Denali Advisors LLC lifted its stake in shares of 1st Source by 31.0% in the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after acquiring an additional 16,900 shares during the period. Campbell & CO Investment Adviser LLC lifted its stake in shares of 1st Source by 190.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock valued at $1,297,000 after purchasing an additional 15,473 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of 1st Source in the first quarter valued at about $628,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Stock Up 2.4 %

Shares of NASDAQ SRCE opened at $59.34 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average price of $59.29 and a 200 day moving average price of $53.74. 1st Source Co. has a 52 week low of $40.96 and a 52 week high of $65.63. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 11.94 and a beta of 0.79.

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

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a dividend of $0.36 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.43%. The ex-dividend date was Monday, August 5th. 1st Source’s dividend payout ratio (DPR) is 28.97%.

Wall Street Analyst Weigh In

Several analysts recently commented on SRCE shares. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

1st Source 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.