Harbor Capital Advisors Inc. Grows Stock Position in 1st Source Co. (NASDAQ:SRCE)

Harbor Capital Advisors Inc. increased its position in shares of 1st Source Co. (NASDAQ:SRCE) by 95.8% in the 3rd quarter, Holdings Channel reports. The firm owned 28,110 shares of the financial services provider’s stock after purchasing an additional 13,753 shares during the period. Harbor Capital Advisors Inc.’s holdings in 1st Source were worth $1,683,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SRCE. Dimensional Fund Advisors LP boosted its stake in 1st Source by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,588,461 shares of the financial services provider’s stock worth $85,171,000 after purchasing an additional 11,465 shares during the last quarter. Reinhart Partners LLC. lifted its stake in shares of 1st Source by 0.3% in the second quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider’s stock worth $12,775,000 after buying an additional 818 shares in the last quarter. American Century Companies Inc. boosted its position in 1st Source by 11.5% during the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock worth $9,367,000 after acquiring an additional 18,049 shares during the last quarter. Renaissance Technologies LLC grew its stake in 1st Source by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock valued at $7,813,000 after acquiring an additional 12,774 shares in the last quarter. Finally, Denali Advisors LLC raised its holdings in 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 acquiring an additional 33,600 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several recent research reports. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Price Performance

1st Source stock opened at $60.27 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.48 billion, a P/E ratio of 11.33 and a beta of 0.78. The company has a 50-day moving average price of $59.58 and a 200 day moving average price of $56.15. 1st Source Co. has a 12-month low of $46.08 and a 12-month high of $65.63.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. The firm had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same quarter in the previous year, the company earned $1.32 EPS. Sell-side analysts anticipate that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Tuesday, November 5th. 1st Source’s dividend payout ratio is presently 27.43%.

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.