Victory Capital Management Inc. Purchases 1,193 Shares of 1st Source Corporation (NASDAQ:SRCE)

Victory Capital Management Inc. boosted its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 13.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,829 shares of the financial services provider’s stock after purchasing an additional 1,193 shares during the quarter. Victory Capital Management Inc.’s holdings in 1st Source were worth $588,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SRCE. Nuveen Asset Management LLC boosted its stake in 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock worth $8,116,000 after acquiring an additional 84,378 shares during the last quarter. Millennium Management LLC raised its holdings in 1st Source by 34.3% in the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock worth $11,901,000 after purchasing an additional 52,110 shares during the period. Norges Bank bought a new position in shares of 1st Source during the fourth quarter worth $2,984,000. JPMorgan Chase & Co. grew its holdings in shares of 1st Source by 35.4% in the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after buying an additional 32,257 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of 1st Source by 30.5% in the 4th quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock valued at $6,985,000 after buying an additional 27,966 shares during the period. 74.45% of the stock is owned by institutional investors.

1st Source Trading Down 1.7%

Shares of NASDAQ:SRCE opened at $58.79 on Friday. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 10.30 and a beta of 0.71. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13. The company’s fifty day simple moving average is $61.91 and its 200 day simple moving average is $61.13. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.02. The firm had revenue of $108.25 million during the quarter, compared to analysts’ expectations of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. As a group, research analysts forecast that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.6%. 1st Source’s dividend payout ratio is 26.62%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Piper Sandler raised their price objective on 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. DA Davidson raised their price target on 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a report on Tuesday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $69.00 price objective (up from $67.00) on shares of 1st Source in a research report on Monday, July 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.