Ieq Capital LLC Buys New Shares in 1st Source Co. (NASDAQ:SRCE)

Ieq Capital LLC bought a new position in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,290 shares of the financial services provider's stock, valued at approximately $250,000.

Other large investors have also made changes to their positions in the company. R Squared Ltd acquired a new position in 1st Source in the fourth quarter valued at approximately $40,000. Financial Life Planners bought a new stake in shares of 1st Source during the 4th quarter valued at $48,000. New York State Teachers Retirement System lifted its stake in shares of 1st Source by 12.2% in 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 purchasing an additional 182 shares during the period. Quantbot Technologies LP acquired a new stake in shares of 1st Source during the third quarter worth $122,000. Finally, XTX Topco Ltd acquired a new position in shares of 1st Source during the 3rd quarter worth about $266,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Stock Up 0.1 %

SRCE stock traded up $0.05 during trading hours on Tuesday, reaching $64.85. 35,237 shares of the stock were exchanged, compared to its average volume of 81,874. The firm's 50-day moving average is $61.36 and its 200-day moving average is $61.28. 1st Source Co. has a 12 month low of $47.30 and a 12 month high of $68.13. The company has a market cap of $1.59 billion, a price-to-earnings ratio of 12.05 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94.

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

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source's dividend payout ratio is presently 26.87%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SRCE shares. Piper Sandler raised 1st Source from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research report on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods raised their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a report on Monday, January 27th.

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.