Harbor Capital Advisors Inc. Raises Stock Holdings in 1st Source Co. (NASDAQ:SRCE)

Harbor Capital Advisors Inc. raised its position in shares of 1st Source Co. (NASDAQ:SRCE) by 95.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,110 shares of the financial services provider’s stock after purchasing an additional 13,753 shares during the quarter. Harbor Capital Advisors Inc. owned 0.11% of 1st Source worth $1,683,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SRCE. LRI Investments LLC purchased a new stake in 1st Source in the first quarter valued at approximately $48,000. nVerses Capital LLC boosted its holdings in shares of 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 600 shares during the last quarter. CWM LLC raised its holdings 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 purchasing an additional 1,198 shares during the last quarter. New York State Teachers Retirement System lifted its position in 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 182 shares during the period. Finally, AMI Investment Management Inc. purchased a new stake in 1st Source in the third quarter valued at $206,000. 74.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SRCE has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $60.27 on Wednesday. 1st Source Co. has a 1 year low of $46.08 and a 1 year high of $65.63. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The company’s fifty day moving average price is $59.58 and its 200 day moving average price is $56.15. The company has a market capitalization of $1.48 billion, a PE ratio of 11.33 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. The firm had revenue of $97.93 million for the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. During the same period last year, the firm earned $1.32 EPS. On average, research analysts predict that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Tuesday, November 5th. 1st Source’s payout ratio is 27.43%.

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.