Bridgeway Capital Management LLC Raises Position in 1st Source Co. (NASDAQ:SRCE)

Bridgeway Capital Management LLC boosted its position in 1st Source Co. (NASDAQ:SRCE) by 15.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 196,617 shares of the financial services provider’s stock after purchasing an additional 27,025 shares during the period. Bridgeway Capital Management LLC’s holdings in 1st Source were worth $11,478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. lifted its position 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 valued at $3,123,000 after buying an additional 25,528 shares during the last quarter. Barclays PLC lifted its holdings in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in 1st Source by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock worth $34,616,000 after purchasing an additional 6,569 shares during the period. JPMorgan Chase & Co. raised its position in shares of 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after purchasing an additional 24,470 shares during the period. Finally, Intech Investment Management LLC bought a new position in 1st Source in the 4th quarter worth approximately $502,000. 74.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on SRCE. Piper Sandler increased their target price on 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods increased their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Thursday, April 24th.

1st Source Stock Down 0.9 %

Shares of NASDAQ:SRCE opened at $60.44 on Wednesday. The firm has a fifty day moving average price of $59.03 and a two-hundred day moving average price of $61.02. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 11.28 and a beta of 0.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a one year low of $48.97 and a one year high of $68.13.

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

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.51%. 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. 1st Source’s dividend payout ratio is 26.71%.

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.