Dimensional Fund Advisors LP Increases Stake in 1st Source Co. (NASDAQ:SRCE)

Dimensional Fund Advisors LP raised its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 0.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,531,766 shares of the financial services provider’s stock after acquiring an additional 1,453 shares during the period. Dimensional Fund Advisors LP owned approximately 6.25% of 1st Source worth $89,425,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SRCE. Barclays PLC lifted its stake in 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 25,687 shares during the period. Franklin Resources Inc. lifted its stake in 1st Source by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider’s stock valued at $663,000 after acquiring an additional 750 shares during the period. Principal Financial Group Inc. bought a new position in 1st Source during the 3rd quarter valued at about $664,000. JPMorgan Chase & Co. lifted its stake in 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after acquiring an additional 24,470 shares during the period. Finally, SG Americas Securities LLC lifted its stake in 1st Source by 38.3% during the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock valued at $508,000 after acquiring an additional 2,411 shares during the period. Institutional investors own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

SRCE has been the topic of several research analyst reports. Piper Sandler upped their target price on shares of 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Thursday, April 24th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $60.05 on Tuesday. The firm’s 50 day moving average price is $59.49 and its 200-day moving average price is $61.05. 1st Source Co. has a twelve month low of $48.97 and a twelve month high of $68.13. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.47 billion, a PE ratio of 11.20 and a beta of 0.67.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The company had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $100.97 million. Equities research analysts expect that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be paid 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 dividend on an annualized basis and a yield of 2.53%. 1st Source’s dividend payout ratio (DPR) is presently 26.71%.

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.