1st Source Co. (NASDAQ:SRCE) Shares Acquired by Inspire Investing LLC

Inspire Investing LLC increased its stake in 1st Source Co. (NASDAQ:SRCE) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,908 shares of the financial services provider’s stock after purchasing an additional 293 shares during the quarter. Inspire Investing LLC’s holdings in 1st Source were worth $414,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SRCE. Isthmus Partners LLC lifted its holdings in 1st Source by 3.0% in the second quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,943 shares during the period. LRI Investments LLC acquired a new stake in 1st Source in the first quarter worth about $48,000. CWM LLC lifted its holdings in 1st Source by 726.1% in 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 period. PNC Financial Services Group Inc. lifted its holdings in 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 worth $129,000 after purchasing an additional 218 shares during the period. Finally, AMI Investment Management Inc. bought a new stake in 1st Source in the third quarter worth about $206,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Price Performance

Shares of 1st Source stock opened at $61.56 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $59.08 and its two-hundred day moving average price is $55.14. 1st Source Co. has a 52 week low of $42.33 and a 52 week high of $65.63. The stock has a market cap of $1.51 billion, a PE ratio of 12.39 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to the consensus estimate 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 previous year, the company earned $1.30 EPS. As a group, sell-side analysts anticipate that 1st Source Co. will post 5.37 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.34%. The ex-dividend date was Monday, August 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s payout ratio is presently 28.97%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SRCE. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $67.50 in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up from $54.00) on shares of 1st Source in a research 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.