Jones Financial Companies Lllp Raises Stake in 1st Source Co. (NASDAQ:SRCE)

Jones Financial Companies Lllp boosted its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 61.4% in the fourth quarter, HoldingsChannel reports. The fund owned 1,222 shares of the financial services provider’s stock after acquiring an additional 465 shares during the period. Jones Financial Companies Lllp’s holdings in 1st Source were worth $71,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SRCE. Principal Financial Group Inc. bought a new stake in 1st Source during the 3rd quarter valued at about $664,000. Victory Capital Management Inc. bought a new stake in 1st Source during the 3rd quarter valued at about $413,000. Empowered Funds LLC increased its stake in 1st Source by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 84,592 shares of the financial services provider’s stock valued at $5,065,000 after purchasing an additional 4,288 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in 1st Source by 625.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after purchasing an additional 28,648 shares in the last quarter. Finally, Quest Partners LLC increased its stake in 1st Source by 169.4% during the 3rd quarter. Quest Partners LLC now owns 12,564 shares of the financial services provider’s stock valued at $752,000 after purchasing an additional 7,900 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of SRCE stock opened at $62.78 on Tuesday. The company has a 50 day moving average price of $61.94 and a 200-day moving average price of $61.42. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. The firm has a market capitalization of $1.54 billion, a PE ratio of 11.71 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, equities research analysts expect that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have weighed in on SRCE shares. Keefe, Bruyette & Woods raised their price objective on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. 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. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Friday, March 7th.

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.