Polymer Capital Management US LLC Makes New $233,000 Investment in 1st Source Co. (NASDAQ:SRCE)

Polymer Capital Management US LLC acquired a new stake in 1st Source Co. (NASDAQ:SRCE) during the fourth quarter, Holdings Channel.com reports. The firm acquired 3,987 shares of the financial services provider’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd acquired a new position in 1st Source in the fourth quarter valued at approximately $219,000. ExodusPoint Capital Management LP bought a new stake in shares of 1st Source in the 4th quarter valued at $892,000. Alliancebernstein L.P. boosted its stake in 1st Source by 2.6% during the fourth quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock worth $30,349,000 after acquiring an additional 13,273 shares in the last quarter. Norges Bank acquired a new stake in 1st Source in the fourth quarter worth $2,984,000. Finally, JPMorgan Chase & Co. increased its stake in 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after purchasing an additional 32,257 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

Shares of 1st Source stock opened at $54.28 on Wednesday. The company has a market cap of $1.33 billion, a PE ratio of 10.13 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. The business has a 50 day moving average price of $62.38 and a 200-day moving average price of $61.36.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Equities analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SRCE shares. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Tuesday. Finally, Keefe, Bruyette & Woods upped their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th.

1st Source Company 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.