BNP Paribas Financial Markets Boosts Position in 1st Source Co. (NASDAQ:SRCE)

BNP Paribas Financial Markets raised its position in 1st Source Co. (NASDAQ:SRCE) by 17.0% during the 4th quarter, Holdings Channel reports. The firm owned 14,369 shares of the financial services provider’s stock after acquiring an additional 2,084 shares during the quarter. BNP Paribas Financial Markets’ holdings in 1st Source were worth $839,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SRCE. Norges Bank purchased a new stake in shares of 1st Source in the 4th quarter worth about $2,984,000. JPMorgan Chase & Co. raised its position in 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after acquiring an additional 32,257 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of 1st Source by 30.5% in the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock valued at $6,985,000 after purchasing an additional 27,966 shares in the last quarter. Barclays PLC grew its position in shares of 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Finally, Sei Investments Co. increased its stake in shares of 1st Source by 91.3% during the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock worth $3,123,000 after purchasing an additional 25,528 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on SRCE. Keefe, Bruyette & Woods lifted their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Saturday, May 10th. Finally, Piper Sandler upped their price objective on 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a research report on Monday, April 28th.

1st Source Price Performance

1st Source stock opened at $61.15 on Thursday. The stock has a market capitalization of $1.50 billion, a P/E ratio of 11.41 and a beta of 0.69. 1st Source Co. has a 12-month low of $48.97 and a 12-month high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50-day moving average is $59.03 and its two-hundred day moving average is $61.19.

1st Source (NASDAQ:SRCE) last announced its 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 firm had revenue of $104.04 million for 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 predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were issued a dividend of $0.38 per share. This is a boost from 1st Source’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.49%. 1st Source’s dividend payout ratio (DPR) is 26.71%.

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.