Sterling Capital Management LLC Boosts Holdings in 1st Source Co. (NASDAQ:SRCE)

Sterling Capital Management LLC increased its position in 1st Source Co. (NASDAQ:SRCE) by 254.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,519 shares of the financial services provider’s stock after purchasing 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.

Other institutional investors also recently bought and sold shares of the company. R Squared Ltd bought a new position in shares of 1st Source in the fourth quarter worth approximately $40,000. Financial Life Planners bought a new position in 1st Source in the 4th quarter valued at approximately $48,000. Jones Financial Companies Lllp boosted its stake in 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 465 shares during the last quarter. Picton Mahoney Asset Management increased its holdings in shares of 1st Source by 105.6% in the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 977 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of 1st Source in the fourth quarter worth $219,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SRCE has been the subject of a number of research analyst reports. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods raised their price target on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

1st Source Price Performance

Shares of 1st Source stock opened at $54.76 on Friday. The stock’s fifty day moving average is $60.56 and its 200 day moving average is $61.07. 1st Source Co. has a one year low of $47.62 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $1.34 billion, a P/E ratio of 10.22 and a beta of 0.67.

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

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.63%. 1st Source’s dividend payout ratio is currently 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.