28,606 Shares in 1st Source Co. (NASDAQ:SRCE) Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,606 shares of the financial services provider's stock, valued at approximately $1,713,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.12% of 1st Source at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. New York State Teachers Retirement System grew its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider's stock valued at $100,000 after buying an additional 182 shares during the last quarter. Quest Partners LLC grew its holdings in shares of 1st Source by 5.2% during the second quarter. Quest Partners LLC now owns 4,664 shares of the financial services provider's stock valued at $250,000 after purchasing an additional 232 shares during the last quarter. Inspire Investing LLC raised its position in shares of 1st Source by 4.4% during the 3rd quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider's stock worth $414,000 after purchasing an additional 293 shares during the period. Linden Thomas Advisory Services LLC lifted its holdings in shares of 1st Source by 1.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 28,263 shares of the financial services provider's stock worth $1,515,000 after purchasing an additional 438 shares during the last quarter. Finally, nVerses Capital LLC boosted its position in 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 600 shares during the period. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SRCE shares. 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 research report on Monday, July 29th. Piper Sandler cut shares of 1st Source from an "overweight" rating to a "neutral" rating and raised their target price for the company from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Stock Performance

Shares of NASDAQ SRCE traded down $0.97 during trading hours on Tuesday, hitting $65.22. 56,328 shares of the stock were exchanged, compared to its average volume of 72,524. 1st Source Co. has a one year low of $47.24 and a one year high of $68.13. The company's 50 day moving average is $61.24 and its 200 day moving average is $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 $1.60 billion, a P/E ratio of 12.42 and a beta of 0.78.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.05. The business 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 period in the previous year, the business earned $1.32 EPS. On average, research analysts expect that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a $0.36 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.21%. 1st Source's dividend payout ratio is presently 27.43%.

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.