Invesco Ltd. Boosts Stock Position in 1st Source Co. (NASDAQ:SRCE)

Invesco Ltd. raised its position in shares of 1st Source Co. (NASDAQ:SRCE) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,537 shares of the financial services provider’s stock after buying an additional 465 shares during the quarter. Invesco Ltd.’s holdings in 1st Source were worth $2,191,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SRCE. R Squared Ltd bought a new position in shares of 1st Source during the 4th quarter worth approximately $40,000. Financial Life Planners acquired a new position in shares of 1st Source during the fourth quarter worth $48,000. Jones Financial Companies Lllp lifted its holdings in shares of 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 lifted its holdings in shares of 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of 1st Source in the 4th quarter worth $219,000. 74.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SRCE shares. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Thursday, April 24th. Keefe, Bruyette & Woods increased 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 report on Monday, January 27th. Finally, Piper Sandler boosted their target price on shares of 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research report on Monday.

1st Source Stock Up 3.7 %

1st Source stock opened at $60.05 on Tuesday. 1st Source Co. has a fifty-two week low of $48.97 and a fifty-two week high of $68.13. The company has a market cap of $1.47 billion, a PE ratio of 11.20 and a beta of 0.67. 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 business’s 50-day simple moving average is $59.49 and its two-hundred day simple moving average is $61.05.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. The company had revenue of $104.04 million during the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities analysts anticipate that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be given a dividend of $0.38 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 2.53%. The ex-dividend date is Monday, May 5th. 1st Source’s dividend payout ratio (DPR) is currently 26.71%.

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.