Mirae Asset Global Investments Co. Ltd. Increases Stock Position in 1st Source Co. (NASDAQ:SRCE)

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 18.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,241 shares of the financial services provider’s stock after acquiring an additional 1,938 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in 1st Source were worth $718,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. New York State Teachers Retirement System grew its holdings in shares of 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 buying an additional 182 shares during the last quarter. Inspire Investing LLC lifted its stake in 1st Source by 4.4% during the 3rd quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock valued at $414,000 after acquiring an additional 293 shares during the period. nVerses Capital LLC grew its stake in shares of 1st Source by 150.0% in the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 600 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in 1st Source by 1.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock worth $3,618,000 after purchasing an additional 600 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in 1st Source during the 4th quarter valued at $40,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SRCE has been the subject of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, February 1st. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Finally, 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 research report on Monday, January 27th.

1st Source Trading Down 2.0 %

Shares of SRCE stock opened at $66.28 on Thursday. 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 12-month low of $47.30 and a 12-month high of $68.13. The stock’s 50-day moving average price is $60.61 and its 200-day moving average price is $60.72. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 12.37 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. Equities research analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.17%. 1st Source’s 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.