nVerses Capital LLC Boosts Holdings in 1st Source Co. (NASDAQ:SRCE)

nVerses Capital LLC boosted its stake in 1st Source Co. (NASDAQ:SRCE) by 150.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,000 shares of the financial services provider’s stock after acquiring an additional 600 shares during the period. nVerses Capital LLC’s holdings in 1st Source were worth $60,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Inspire Investing LLC lifted its holdings in shares of 1st Source by 4.4% in the 3rd quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock valued at $414,000 after purchasing an additional 293 shares during the last quarter. CWM LLC lifted its stake in 1st Source by 122.7% in the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock valued at $182,000 after buying an additional 1,672 shares during the last quarter. AMI Investment Management Inc. acquired a new stake in shares of 1st Source in the third quarter valued at approximately $206,000. SG Americas Securities LLC purchased a new position in shares of 1st Source during the third quarter worth approximately $377,000. Finally, AQR Capital Management LLC increased its holdings in shares of 1st Source by 17.4% in the 2nd quarter. AQR Capital Management LLC now owns 81,494 shares of the financial services provider’s stock valued at $4,370,000 after acquiring an additional 12,067 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Trading Down 3.7 %

NASDAQ:SRCE opened at $59.57 on Tuesday. 1st Source Co. has a 12-month low of $43.30 and a 12-month high of $65.63. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The stock’s 50 day simple moving average is $59.28 and its 200-day simple moving average is $55.34. The firm has a market cap of $1.46 billion, a P/E ratio of 11.54 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) 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 company had revenue of $144.39 million for the quarter, compared to analysts’ expectations of $95.80 million. During the same period in the previous year, the company posted $1.30 EPS. Equities analysts anticipate that 1st Source Co. will post 5.37 EPS for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a $0.36 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.42%. This is an increase from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio (DPR) is presently 27.91%.

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.