Y Intercept Hong Kong Ltd Takes Position in 1st Source Co. (NASDAQ:SRCE)

Y Intercept Hong Kong Ltd acquired a new stake in 1st Source Co. (NASDAQ:SRCE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 14,634 shares of the financial services provider’s stock, valued at approximately $854,000. Y Intercept Hong Kong Ltd owned approximately 0.06% of 1st Source as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in shares of 1st Source by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock valued at $35,112,000 after buying an additional 1,872 shares in the last quarter. State Street Corp raised its stake in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after buying an additional 9,235 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after buying an additional 3,780 shares in the last quarter. FMR LLC increased its position in shares of 1st Source by 6.1% during the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock worth $7,223,000 after purchasing an additional 6,981 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after purchasing an additional 24,470 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SRCE. Keefe, Bruyette & Woods increased their target price on shares of 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 reiterated a “buy (b)” rating on shares of 1st Source in a research report on Wednesday, February 19th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Stock Up 0.2 %

Shares of NASDAQ:SRCE opened at $64.29 on Friday. 1st Source Co. has a 12 month low of $47.30 and a 12 month high of $68.13. The company’s 50-day moving average price is $61.13 and its two-hundred day moving average price is $61.11. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.58 billion, a P/E ratio of 11.99 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data 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, research analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio is currently 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.