AMI Investment Management Inc. Invests $206,000 in 1st Source Co. (NASDAQ:SRCE)

AMI Investment Management Inc. acquired a new stake in 1st Source Co. (NASDAQ:SRCE) during the third quarter, Holdings Channel reports. The firm acquired 3,440 shares of the financial services provider’s stock, valued at approximately $206,000.

Other institutional investors have also added to or reduced their stakes in the company. Isthmus Partners LLC raised its position in shares of 1st Source by 3.0% in the second quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,943 shares during the period. LRI Investments LLC bought a new stake in 1st Source during the 1st quarter valued at $48,000. CWM LLC lifted its position in shares of 1st Source by 726.1% during the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of 1st Source in the first quarter worth $78,000. Finally, PNC Financial Services Group Inc. grew its position in shares of 1st Source by 10.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 218 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on SRCE shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Price Performance

Shares of SRCE stock traded up $0.90 on Friday, reaching $58.76. The company’s stock had a trading volume of 57,832 shares, compared to its average volume of 71,226. The company has a market capitalization of $1.44 billion, a P/E ratio of 11.78 and a beta of 0.79. 1st Source Co. has a 12-month low of $41.36 and a 12-month high of $65.63. The stock’s 50 day simple moving average is $59.42 and its 200-day simple moving average is $54.55. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The company had revenue of $144.39 million for the quarter, compared to analysts’ expectations of $95.80 million. During the same period in the prior year, the business earned $1.30 earnings per share. As a group, equities analysts predict that 1st Source Co. will post 5.36 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a dividend of $0.36 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Monday, August 5th. 1st Source’s payout ratio is currently 28.97%.

1st Source Company 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.