Hsbc Holdings PLC Buys 1,813 Shares of 1st Source Co. (NASDAQ:SRCE)

Hsbc Holdings PLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 8.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,160 shares of the financial services provider’s stock after acquiring an additional 1,813 shares during the period. Hsbc Holdings PLC owned about 0.09% of 1st Source worth $1,175,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Denali Advisors LLC lifted its position in shares of 1st Source by 47.0% during the second quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock valued at $5,635,000 after purchasing an additional 33,600 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of 1st Source by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after buying an additional 12,774 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 1st Source by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,588,461 shares of the financial services provider’s stock worth $85,171,000 after buying an additional 11,465 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of 1st Source by 11.5% in the 2nd quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock worth $9,367,000 after buying an additional 18,049 shares during the last quarter. Finally, Quest Partners LLC grew its holdings in shares of 1st Source by 5.2% in the second quarter. Quest Partners LLC now owns 4,664 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 232 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Down 0.3 %

NASDAQ:SRCE opened at $58.21 on Friday. The firm’s 50 day moving average is $59.68 and its 200 day moving average is $54.35. 1st Source Co. has a 12 month low of $41.14 and a 12 month high of $65.63. The stock has a market capitalization of $1.43 billion, a PE ratio of 11.71 and a beta of 0.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to analysts’ expectations of $95.80 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same quarter in the prior year, the firm earned $1.30 EPS. Sell-side analysts expect that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Monday, August 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio (DPR) is currently 28.97%.

Analysts Set New Price Targets

SRCE has been the topic of several research analyst reports. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $60.00 to $67.50 in a research report on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price target (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

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.