Alpha DNA Investment Management LLC Purchases New Position in 1st Source Co. (NASDAQ:SRCE)

Alpha DNA Investment Management LLC purchased a new position in 1st Source Co. (NASDAQ:SRCE - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,787 shares of the financial services provider's stock, valued at approximately $466,000.

Several other hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in 1st Source by 5.9% in the first quarter. Russell Investments Group Ltd. now owns 25,828 shares of the financial services provider's stock valued at $1,354,000 after buying an additional 1,445 shares during the period. Acadian Asset Management LLC grew its holdings in 1st Source by 310.5% during the first quarter. Acadian Asset Management LLC now owns 4,142 shares of the financial services provider's stock worth $216,000 after buying an additional 3,133 shares in the last quarter. LRI Investments LLC purchased a new stake in 1st Source in the 1st quarter valued at $48,000. Price T Rowe Associates Inc. MD lifted its stake in 1st Source by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,172 shares of the financial services provider's stock valued at $796,000 after acquiring an additional 615 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in shares of 1st Source by 276.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider's stock worth $770,000 after acquiring an additional 10,544 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on SRCE shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $62.00 price target (up from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler downgraded 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 research note on Monday, July 29th.

1st Source Stock Performance

Shares of NASDAQ SRCE traded down $0.10 during mid-day trading on Monday, reaching $66.19. 118,534 shares of the company's stock were exchanged, compared to its average volume of 72,595. The firm has a 50-day moving average price of $61.24 and a two-hundred day moving average price of $57.66. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 12.61 and a beta of 0.78. 1st Source Co. has a 52 week low of $47.24 and a 52 week high of $68.13.

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

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.18%. The ex-dividend date was Tuesday, November 5th. 1st Source's dividend payout ratio (DPR) is 27.43%.

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.