Ieq Capital LLC Takes Position in 1st Source Co. (NASDAQ:SRCE)

Ieq Capital LLC bought a new position in shares of 1st Source Co. (NASDAQ:SRCE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,290 shares of the financial services provider’s stock, valued at approximately $250,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. R Squared Ltd purchased a new position in 1st Source during the 4th quarter worth approximately $40,000. Financial Life Planners purchased a new stake in shares of 1st Source in the 4th quarter valued at $48,000. New York State Teachers Retirement System increased its stake in shares of 1st Source by 12.2% in the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 182 shares during the period. Quantbot Technologies LP purchased a new position in shares of 1st Source during the third quarter worth $122,000. Finally, XTX Topco Ltd acquired a new position in 1st Source during the third quarter valued at $266,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

SRCE has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their price target on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report 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 report on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Wednesday, February 19th.

1st Source Price Performance

NASDAQ:SRCE opened at $64.90 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. The stock’s 50-day moving average price is $61.24 and its 200-day moving average price is $61.17. The stock has a market capitalization of $1.59 billion, a PE ratio of 12.11 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates 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 analysts expect 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 annualized dividend and a yield of 2.22%. The ex-dividend date was Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

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.