Hsbc Holdings PLC Acquires 2,341 Shares of 1st Source Co. (NASDAQ:SRCE)

Hsbc Holdings PLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 10.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 25,712 shares of the financial services provider’s stock after buying an additional 2,341 shares during the quarter. Hsbc Holdings PLC’s holdings in 1st Source were worth $1,506,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of 1st Source during the 4th quarter valued at about $40,000. Financial Life Planners purchased a new stake in shares of 1st Source in the fourth quarter worth $48,000. Jones Financial Companies Lllp raised its holdings in 1st Source by 61.4% during the fourth 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 period. Picton Mahoney Asset Management boosted its stake in shares of 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 977 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider’s stock valued at $218,000 after buying an additional 2,204 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

1st Source stock opened at $61.51 on Friday. 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 twelve month low of $48.97 and a twelve month high of $68.13. The company has a market cap of $1.51 billion, a PE ratio of 11.48 and a beta of 0.69. The company’s 50-day moving average price is $59.17 and its 200-day moving average price is $61.04.

1st Source (NASDAQ:SRCE) last issued 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. The business had revenue of $104.04 million for the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, equities research analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.47%. This is an increase from 1st Source’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, May 5th. 1st Source’s payout ratio is 26.71%.

Analyst Ratings Changes

Several analysts have commented on the stock. 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 note on Monday, April 28th. Keefe, Bruyette & Woods raised their price target on 1st Source from $67.00 to $69.00 and gave the company 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 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.