American Century Companies Inc. Increases Stock Position in 1st Source Co. (NASDAQ:SRCE)

American Century Companies Inc. raised its position in 1st Source Co. (NASDAQ:SRCE) by 11.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 174,688 shares of the financial services provider’s stock after buying an additional 18,049 shares during the quarter. American Century Companies Inc. owned about 0.71% of 1st Source worth $9,367,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of 1st Source by 4.4% during 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 in the last quarter. Reinhart Partners LLC. increased its stake in shares of 1st Source by 0.3% during the 2nd quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider’s stock valued at $12,775,000 after acquiring an additional 818 shares during the last quarter. Empowered Funds LLC raised its stake in 1st Source by 8.1% during the first quarter. Empowered Funds LLC now owns 74,544 shares of the financial services provider’s stock worth $3,908,000 after purchasing an additional 5,600 shares during the period. Denali Advisors LLC raised its position 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 buying an additional 16,900 shares during the period. Finally, Isthmus Partners LLC raised its holdings in shares of 1st Source by 3.0% in the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,943 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

1st Source stock opened at $60.29 on Monday. The company has a market cap of $1.48 billion, a PE ratio of 12.13 and a beta of 0.79. 1st Source Co. has a 12 month low of $40.96 and a 12 month high of $65.63. The company has a fifty day moving average price of $59.87 and a two-hundred day moving average price of $54.12. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94.

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

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.36 per share. This is a boost from 1st Source’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 annualized dividend and a yield of 2.39%. 1st Source’s payout ratio is presently 28.97%.

Analyst Ratings Changes

Several research firms recently weighed in on SRCE. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 target price (up 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.