American Century Companies Inc. Grows Holdings in 1st Source Co. (NASDAQ:SRCE)

American Century Companies Inc. lifted its holdings in 1st Source Co. (NASDAQ:SRCE - Free Report) by 11.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,688 shares of the financial services provider's stock after acquiring an additional 18,049 shares during the period. American Century Companies Inc. owned approximately 0.71% of 1st Source worth $9,367,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SRCE. Wellington Management Group LLP raised its position in shares of 1st Source by 4.4% during the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider's stock worth $51,960,000 after buying an additional 39,514 shares in the last quarter. Isthmus Partners LLC boosted its holdings in shares of 1st Source by 41.3% during the 1st quarter. Isthmus Partners LLC now owns 64,977 shares of the financial services provider's stock worth $3,406,000 after buying an additional 18,976 shares during the period. Denali Advisors LLC grew its holdings in 1st Source by 31.0% in the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider's stock valued at $3,748,000 after buying an additional 16,900 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its position in 1st Source by 190.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider's stock worth $1,297,000 after purchasing an additional 15,473 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of 1st Source during the first quarter valued at approximately $628,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Trading Down 1.1 %

SRCE stock traded down $0.66 during midday trading on Monday, hitting $59.63. The stock had a trading volume of 42,067 shares, compared to its average volume of 71,941. The firm has a market cap of $1.46 billion, a P/E ratio of 12.13 and a beta of 0.79. 1st Source Co. has a 1-year low of $40.96 and a 1-year high of $65.63. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average price of $59.87 and a two-hundred day moving average price of $54.12.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to analysts' expectations of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same period in the previous year, the company earned $1.30 earnings per share. On average, sell-side analysts predict that 1st Source Co. will post 5.36 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a dividend of $0.36 per share. This is a positive change from 1st Source's previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Monday, August 5th. 1st Source's dividend payout ratio is currently 28.97%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented 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 research report on Monday, July 29th. Piper Sandler downgraded 1st Source from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

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.