Principal Financial Group Inc. purchased a new stake in 1st Source Co. (NASDAQ:SRCE - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 11,095 shares of the financial services provider's stock, valued at approximately $664,000.
Several other large investors have also recently made changes to their positions in SRCE. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $85,171,000 after purchasing an additional 11,465 shares in the last quarter. Reinhart Partners LLC. boosted its position in 1st Source by 0.3% in the 2nd quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider's stock valued at $12,775,000 after buying an additional 818 shares during the period. American Century Companies Inc. grew its stake in shares of 1st Source by 11.5% in the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider's stock worth $9,367,000 after acquiring an additional 18,049 shares in the last quarter. Renaissance Technologies LLC raised its stake in 1st Source by 9.6% in the second quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider's stock valued at $7,813,000 after buying an additional 12,774 shares in the last quarter. Finally, Denali Advisors LLC increased its holdings in shares of 1st Source by 47.0% in the 2nd quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider's stock valued at $5,635,000 after acquiring an additional 33,600 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have weighed in on SRCE. Piper Sandler cut shares of 1st Source from an "overweight" rating to a "neutral" rating and raised their price objective for the stock from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued 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.
View Our Latest Stock Analysis on SRCE
1st Source Stock Performance
Shares of SRCE traded up $1.27 during mid-day trading on Friday, hitting $66.29. 64,309 shares of the company's stock were exchanged, compared to its average volume of 75,541. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a fifty-two week low of $47.24 and a fifty-two week high of $67.74. The business's 50 day moving average is $61.11 and its two-hundred day moving average is $57.57. The firm has a market capitalization of $1.63 billion, a P/E ratio of 12.63 and a beta of 0.78.
1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.36 by $0.05. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. The company had revenue of $97.93 million during the quarter, compared to analysts' expectations of $97.30 million. During the same period last year, the firm earned $1.32 EPS. On average, equities analysts expect that 1st Source Co. will post 5.36 earnings per share for the current year.
1st Source Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.17%. 1st Source's payout ratio is currently 27.43%.
About 1st Source
(
Free Report)
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.
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