Victory Capital Management Inc. Boosts Stock Holdings in 1st Source Co. (NASDAQ:SRCE)

Victory Capital Management Inc. raised its holdings in 1st Source Co. (NASDAQ:SRCE) by 25.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,636 shares of the financial services provider’s stock after acquiring an additional 1,735 shares during the period. Victory Capital Management Inc.’s holdings in 1st Source were worth $504,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. R Squared Ltd purchased a new position in shares of 1st Source in the fourth quarter worth about $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the fourth quarter worth about $48,000. Jones Financial Companies Lllp increased its stake in shares of 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 465 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of 1st Source in the third quarter worth about $122,000. Finally, Ieq Capital LLC purchased a new position in shares of 1st Source in the fourth quarter worth about $250,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analysts Set New Price Targets

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

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $61.50 on Friday. The company has a 50 day moving average of $62.38 and a 200 day moving average of $61.43. The stock has a market cap of $1.51 billion, a P/E ratio of 11.47 and a beta of 0.78. 1st Source Co. has a 12 month low of $47.30 and a 12 month high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, sell-side analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.34%. 1st Source’s payout ratio is presently 26.87%.

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.