Balyasny Asset Management L.P. Acquires Shares of 13,745 1st Source Co. (NASDAQ:SRCE)

Balyasny Asset Management L.P. acquired a new stake in 1st Source Co. (NASDAQ:SRCE) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 13,745 shares of the financial services provider’s stock, valued at approximately $802,000. Balyasny Asset Management L.P. owned approximately 0.06% of 1st Source at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Sei Investments Co. boosted its stake in shares of 1st Source by 91.3% during the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock worth $3,123,000 after acquiring an additional 25,528 shares in the last quarter. Barclays PLC boosted its stake in shares of 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after acquiring an additional 25,687 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock worth $34,616,000 after acquiring an additional 6,569 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after acquiring an additional 24,470 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in 1st Source in the 4th quarter valued at approximately $502,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Stock Down 1.1%

Shares of NASDAQ SRCE opened at $62.21 on Thursday. 1st Source Co. has a 12-month low of $48.97 and a 12-month high of $68.13. The company has a market cap of $1.53 billion, a P/E ratio of 11.61 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $58.83 and a 200 day moving average price of $61.11.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.16. The company had revenue of $104.04 million during the quarter, compared to analysts’ expectations of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Research analysts anticipate that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be given a dividend of $0.38 per share. This is a boost from 1st Source’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, May 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.44%. 1st Source’s dividend payout ratio (DPR) is presently 26.71%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SRCE shares. Piper Sandler upped their target price on 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Saturday, May 10th. Finally, Keefe, Bruyette & Woods upped their target price on 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 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.