Intech Investment Management LLC Invests $502,000 in 1st Source Co. (NASDAQ:SRCE)

Intech Investment Management LLC purchased a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 8,602 shares of the financial services provider's stock, valued at approximately $502,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Valeo Financial Advisors LLC boosted its stake in shares of 1st Source by 2.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider's stock worth $591,000 after acquiring an additional 221 shares during the last quarter. Isthmus Partners LLC lifted its holdings in 1st Source by 0.6% in the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider's stock worth $3,190,000 after purchasing an additional 328 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock worth $71,000 after purchasing an additional 465 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in 1st Source by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider's stock worth $3,618,000 after purchasing an additional 600 shares during the period. Finally, Rhumbline Advisers grew its holdings in 1st Source by 1.6% during the 4th quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider's stock valued at $2,466,000 after buying an additional 656 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

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1st Source Stock Down 1.7 %

Shares of SRCE stock traded down $1.03 during mid-day trading on Friday, hitting $60.25. 86,970 shares of the stock traded hands, compared to its average volume of 79,121. The stock's fifty day moving average is $62.74 and its two-hundred day moving average is $61.49. The stock has a market cap of $1.48 billion, a P/E ratio of 11.24 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 52-week low of $47.30 and a 52-week high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Equities analysts predict that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.39%. 1st Source's dividend payout ratio (DPR) is presently 26.87%.

Analysts Set New Price Targets

Several research firms have commented on SRCE. Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a report on Monday, January 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research note on Saturday, March 22nd. Finally, Piper Sandler raised shares of 1st Source from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

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.