Sterling Capital Management LLC Grows Stake in 1st Source Co. (NASDAQ:SRCE)

Sterling Capital Management LLC lifted its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 254.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,519 shares of the financial services provider's stock after acquiring an additional 5,395 shares during the period. Sterling Capital Management LLC's holdings in 1st Source were worth $439,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SRCE. State Street Corp boosted its holdings in 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock valued at $33,964,000 after purchasing an additional 9,235 shares during the period. Jane Street Group LLC grew its position in 1st Source by 152.7% during the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider's stock worth $2,106,000 after buying an additional 21,254 shares in the last quarter. Barclays PLC boosted its position in shares of 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock valued at $2,487,000 after acquiring an additional 25,687 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of 1st Source by 0.9% during the third quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock worth $25,959,000 after purchasing an additional 3,780 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of 1st Source by 7.3% in the third quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider's stock worth $663,000 after purchasing an additional 750 shares during the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SRCE. Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods increased their target price on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a report on Monday, January 27th.

1st Source Stock Up 1.7 %

1st Source stock traded up $0.97 during trading hours on Thursday, hitting $57.92. 18,625 shares of the stock traded hands, compared to its average volume of 82,208. 1st Source Co. has a one year low of $48.91 and a one year high of $68.13. The company has a market cap of $1.42 billion, a PE ratio of 10.82 and a beta of 0.67. The firm's 50-day moving average price is $59.92 and its two-hundred day moving average price is $61.02. 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 (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, research analysts forecast that 1st Source Co. will post 5.82 EPS for the current year.

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.