Alliancebernstein L.P. Buys 13,273 Shares of 1st Source Co. (NASDAQ:SRCE)

Alliancebernstein L.P. grew its position in 1st Source Co. (NASDAQ:SRCE) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 519,846 shares of the financial services provider’s stock after purchasing an additional 13,273 shares during the quarter. Alliancebernstein L.P. owned about 2.12% of 1st Source worth $30,349,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. FMR LLC grew its holdings in 1st Source by 6.1% in the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock valued at $7,223,000 after buying an additional 6,981 shares in the last quarter. Centiva Capital LP acquired a new position in shares of 1st Source in the third quarter valued at about $273,000. State Street Corp increased its position in 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after acquiring an additional 9,235 shares during the period. Jane Street Group LLC raised its stake in 1st Source by 152.7% in the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in 1st Source in the 3rd quarter valued at about $266,000. Institutional investors own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, March 22nd. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $72.50 in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods increased their target price on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th.

1st Source Stock Performance

Shares of 1st Source stock opened at $54.61 on Monday. The company has a 50 day moving average of $62.83 and a 200-day moving average of $61.50. The company has a market cap of $1.34 billion, a PE ratio of 10.19 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. 1st Source Co. has a 1-year low of $47.30 and a 1-year high of $68.13.

1st Source (NASDAQ:SRCE) last released 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 return on equity of 11.92% and a net margin of 23.10%. As a group, equities research analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Tuesday, February 4th. 1st Source’s dividend payout ratio is presently 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.