SG Americas Securities LLC Invests $377,000 in 1st Source Co. (NASDAQ:SRCE)

SG Americas Securities LLC acquired a new position in shares of 1st Source Co. (NASDAQ:SRCE) in the 3rd quarter, HoldingsChannel reports. The fund acquired 6,289 shares of the financial services provider’s stock, valued at approximately $377,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP boosted its position 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 valued at $51,960,000 after purchasing an additional 39,514 shares during the period. Denali Advisors LLC boosted its position in shares of 1st Source by 47.0% in the 2nd quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock valued at $5,635,000 after purchasing an additional 33,600 shares during the period. Isthmus Partners LLC boosted its position 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 valued at $3,406,000 after purchasing an additional 18,976 shares during the period. American Century Companies Inc. boosted its position in shares of 1st Source by 11.5% in the 2nd quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock valued at $9,367,000 after purchasing an additional 18,049 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of 1st Source in the 1st quarter valued at about $628,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Trading Down 1.1 %

Shares of SRCE stock opened at $61.85 on Friday. The business’s 50 day moving average is $59.28 and its two-hundred day moving average is $55.27. 1st Source Co. has a twelve month low of $42.54 and a twelve month high of $65.63. The company has a market capitalization of $1.52 billion, a P/E ratio of 11.99 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 0.09.

1st Source (NASDAQ:SRCE) last announced 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. The company had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same period last year, the business posted $1.30 EPS. Equities analysts forecast that 1st Source Co. will post 5.37 EPS for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.36 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Monday, August 5th. 1st Source’s dividend payout ratio (DPR) is currently 27.91%.

Analysts Set New Price Targets

A number of analysts recently issued reports on SRCE shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a research report on Monday, July 29th. Piper Sandler downgraded 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 research note on Monday, July 29th.

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.