Renaissance Technologies LLC Purchases 12,774 Shares of 1st Source Co. (NASDAQ:SRCE)

Renaissance Technologies LLC boosted its position in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 9.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,714 shares of the financial services provider's stock after acquiring an additional 12,774 shares during the period. Renaissance Technologies LLC owned 0.59% of 1st Source worth $7,813,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake in 1st Source by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,588,461 shares of the financial services provider's stock valued at $85,171,000 after acquiring an additional 11,465 shares in the last quarter. American Century Companies Inc. grew its stake in 1st Source by 11.5% during the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider's stock valued at $9,367,000 after acquiring an additional 18,049 shares in the last quarter. Quest Partners LLC grew its stake in 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 acquiring an additional 232 shares in the last quarter. Isthmus Partners LLC grew its stake in 1st Source by 3.0% during the second quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 1,943 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in 1st Source by 4.0% during the second quarter. Rhumbline Advisers now owns 48,044 shares of the financial services provider's stock valued at $2,576,000 after acquiring an additional 1,854 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on SRCE shares. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler cut shares of 1st Source from an "overweight" rating to a "neutral" rating and boosted their price target for the stock from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Price Performance

SRCE stock traded up $0.23 during midday trading on Thursday, reaching $58.36. The company had a trading volume of 55,969 shares, compared to its average volume of 71,650. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1 year low of $40.96 and a 1 year high of $65.63. The company has a market capitalization of $1.43 billion, a P/E ratio of 11.74 and a beta of 0.79. The firm has a 50-day moving average price of $59.71 and a 200-day moving average price of $54.28.

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

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a $0.36 dividend. This is a boost from 1st Source's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.47%. 1st Source's dividend payout ratio is 28.97%.

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.