1st Source Co. (NASDAQ:SRCE) Shares Purchased by VELA Investment Management LLC

VELA Investment Management LLC grew its stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 26.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,246 shares of the financial services provider's stock after acquiring an additional 8,113 shares during the quarter. VELA Investment Management LLC owned about 0.16% of 1st Source worth $2,233,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd bought a new position in 1st Source in the fourth quarter valued at about $40,000. Financial Life Planners bought a new position in 1st Source in the 4th quarter worth $48,000. New York State Teachers Retirement System grew its holdings in 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 182 shares during the period. Quantbot Technologies LP purchased a new stake in 1st Source in the third quarter worth about $122,000. Finally, Ieq Capital LLC bought a new position in shares of 1st Source in the fourth quarter worth about $250,000. Institutional investors own 74.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $70.00 to $72.50 in a report on Monday, January 27th.

Remove Ads

1st Source Price Performance

Shares of 1st Source stock traded down $1.79 during trading hours on Tuesday, reaching $63.01. The company's stock had a trading volume of 43,004 shares, compared to its average volume of 81,974. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. The firm has a 50 day moving average price of $61.36 and a 200-day moving average price of $61.28. The stock has a market cap of $1.55 billion, a P/E ratio of 11.78 and a beta of 0.81.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, analysts predict that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.29%. 1st Source's dividend payout ratio is 26.87%.

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.