GAMMA Investing LLC Grows Holdings in 1st Source Co. (NASDAQ:SRCE)

GAMMA Investing LLC increased its holdings in 1st Source Co. (NASDAQ:SRCE) by 5,970.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,268 shares of the financial services provider’s stock after purchasing an additional 16,000 shares during the period. GAMMA Investing LLC owned approximately 0.07% of 1st Source worth $973,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Valeo Financial Advisors LLC raised its holdings in 1st Source by 2.2% in the 4th quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock worth $591,000 after purchasing an additional 221 shares in the last quarter. Aquatic Capital Management LLC increased its stake in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 315 shares in the last quarter. Isthmus Partners LLC increased its stake in 1st Source by 0.6% during the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider’s stock valued at $3,190,000 after purchasing an additional 328 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 1st Source by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,444 shares of the financial services provider’s stock valued at $610,000 after acquiring an additional 388 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 465 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Stock Down 0.5%

Shares of SRCE opened at $59.39 on Tuesday. The firm has a market capitalization of $1.46 billion, a P/E ratio of 11.08 and a beta of 0.68. 1st Source Co. has a 12-month low of $49.14 and a 12-month high of $68.13. 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 firm has a fifty day moving average price of $59.47 and a 200-day moving average price of $60.62.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share 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 during the quarter, compared to analyst estimates of $100.97 million. Equities research analysts expect that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a $0.38 dividend. The ex-dividend date was Monday, May 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a yield of 2.56%. 1st Source’s payout ratio is currently 26.71%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of 1st Source in a report on Wednesday, June 11th. Piper Sandler boosted their price target on shares of 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th.

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.