1st Source Co. (NASDAQ:SRCE) Shares Bought by Quest Partners LLC

Quest Partners LLC raised its holdings in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 169.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,564 shares of the financial services provider's stock after buying an additional 7,900 shares during the period. Quest Partners LLC owned about 0.05% of 1st Source worth $752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Denali Advisors LLC increased its stake in shares of 1st Source by 47.0% in the second quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider's stock worth $5,635,000 after purchasing an additional 33,600 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of 1st Source by 625.6% in the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider's stock worth $1,989,000 after purchasing an additional 28,648 shares in the last quarter. American Century Companies Inc. increased 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 purchasing an additional 18,049 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of 1st Source by 95.8% in the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider's stock worth $1,683,000 after purchasing an additional 13,753 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of 1st Source by 9.6% during the second quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider's stock worth $7,813,000 after acquiring an additional 12,774 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

1st Source Stock Up 2.0 %

Shares of NASDAQ:SRCE traded up $1.27 during trading on Friday, reaching $66.29. The stock had a trading volume of 64,309 shares, compared to its average volume of 72,393. 1st Source Co. has a one year low of $47.24 and a one year high of $67.74. The company has a market capitalization of $1.63 billion, a P/E ratio of 12.63 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm's 50-day simple moving average is $61.11 and its 200 day simple moving average is $57.48.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. 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 business earned $1.32 EPS. As a group, research analysts expect that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Tuesday, November 5th. 1st Source's payout ratio is presently 27.43%.

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.