AlphaQuest LLC Decreases Stake in 1st Source Co. (NASDAQ:SRCE)

AlphaQuest LLC lessened its stake in 1st Source Co. (NASDAQ:SRCE) by 17.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,322 shares of the financial services provider’s stock after selling 2,242 shares during the quarter. AlphaQuest LLC’s holdings in 1st Source were worth $603,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in SRCE. R Squared Ltd purchased a new position in shares of 1st Source in the 4th quarter valued at about $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the 4th quarter valued at about $48,000. Jones Financial Companies Lllp boosted its stake in shares of 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after buying an additional 465 shares during the period. Quantbot Technologies LP purchased a new position in shares of 1st Source in the 3rd quarter valued at about $122,000. Finally, Ieq Capital LLC purchased a new position in shares of 1st Source in the 4th quarter valued at about $250,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SRCE. Keefe, Bruyette & Woods lifted their price objective on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $59.45 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The firm has a market capitalization of $1.46 billion, a PE ratio of 11.09 and a beta of 0.78. The stock’s 50-day simple moving average is $61.69 and its 200-day simple moving average is $61.41.

1st Source (NASDAQ:SRCE) last issued 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 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is 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.