Valeo Financial Advisors LLC Increases Stock Holdings in 1st Source Co. (NASDAQ:SRCE)

Valeo Financial Advisors LLC lifted its position in 1st Source Co. (NASDAQ:SRCE) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,124 shares of the financial services provider’s stock after buying an additional 221 shares during the quarter. Valeo Financial Advisors LLC’s holdings in 1st Source were worth $591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SRCE. CWM LLC increased its position in shares of 1st Source by 122.7% in the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 1,672 shares during the last quarter. nVerses Capital LLC increased its position in shares of 1st Source by 150.0% in the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 1st Source by 12.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,303 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 1,125 shares during the last quarter. New York State Teachers Retirement System increased its position 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 purchasing an additional 182 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its position in shares of 1st Source by 95.8% in the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock worth $1,683,000 after purchasing an additional 13,753 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, February 1st. Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday, January 27th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Stock Down 0.7 %

Shares of NASDAQ SRCE opened at $66.36 on Monday. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day simple moving average is $60.70 and its two-hundred day simple moving average is $60.74. The stock has a market capitalization of $1.63 billion, a P/E ratio of 12.38 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 12.07% and a net margin of 23.10%. As a group, analysts expect that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

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.