AQR Capital Management LLC Grows Stock Position in 1st Source Co. (NASDAQ:SRCE)

AQR Capital Management LLC increased its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 17.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 81,494 shares of the financial services provider's stock after acquiring an additional 12,067 shares during the quarter. AQR Capital Management LLC owned approximately 0.33% of 1st Source worth $4,370,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in SRCE. Hsbc Holdings PLC increased its stake in shares of 1st Source by 6.0% during the fourth quarter. Hsbc Holdings PLC now owns 23,767 shares of the financial services provider's stock worth $1,311,000 after purchasing an additional 1,338 shares in the last quarter. Dean Capital Management raised its holdings in shares of 1st Source by 4.6% during the fourth quarter. Dean Capital Management now owns 25,809 shares of the financial services provider's stock valued at $1,418,000 after acquiring an additional 1,126 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider's stock valued at $51,960,000 after acquiring an additional 39,514 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of 1st Source by 10.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider's stock worth $129,000 after acquiring an additional 218 shares during the last quarter. Finally, Indiana Trust & Investment Management CO increased its position in shares of 1st Source by 12.2% during the first quarter. Indiana Trust & Investment Management CO now owns 50,032 shares of the financial services provider's stock worth $2,623,000 after purchasing an additional 5,444 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Price Performance

Shares of 1st Source stock traded up $0.90 on Friday, hitting $58.76. 57,832 shares of the company were exchanged, compared to its average volume of 67,639. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $59.28 and a 200 day moving average price of $54.66. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 11.82 and a beta of 0.78. 1st Source Co. has a 1-year low of $41.36 and a 1-year high of $65.63.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The firm had revenue of $144.39 million for the quarter, compared to analysts' expectations of $95.80 million. During the same quarter in the previous year, the company posted $1.30 EPS. As a group, 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 business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.36 dividend. This is a positive change from 1st Source's previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.45%. The ex-dividend date was Monday, August 5th. 1st Source's payout ratio is 28.97%.

Wall Street Analyst Weigh In

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

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.