American Century Companies Inc. Increases Position in 1st Source Corporation $SRCE

American Century Companies Inc. lifted its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 37.6% in the second quarter, HoldingsChannel.com reports. The fund owned 259,724 shares of the financial services provider’s stock after acquiring an additional 70,961 shares during the period. American Century Companies Inc.’s holdings in 1st Source were worth $16,121,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. CX Institutional bought a new position in 1st Source in the 2nd quarter valued at $63,000. KLP Kapitalforvaltning AS boosted its holdings in shares of 1st Source by 33.3% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 4,400 shares of the financial services provider’s stock worth $273,000 after buying an additional 1,100 shares during the last quarter. Creative Planning purchased a new position in shares of 1st Source in the 2nd quarter worth about $284,000. Inspire Investing LLC grew its position in 1st Source by 9.3% during the second quarter. Inspire Investing LLC now owns 6,258 shares of the financial services provider’s stock valued at $388,000 after buying an additional 534 shares during the period. Finally, Jump Financial LLC purchased a new stake in 1st Source during the first quarter worth about $500,000. 74.45% of the stock is currently owned by institutional investors.

1st Source Stock Up 0.6%

SRCE stock opened at $63.62 on Wednesday. The company’s 50 day moving average is $60.75 and its 200 day moving average is $61.66. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 10.59 and a beta of 0.70. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a 1-year low of $52.14 and a 1-year high of $67.77.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The business had revenue of $110.26 million during the quarter, compared to analysts’ expectations of $109.46 million. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. Sell-side analysts predict that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were paid a $0.40 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, November 4th. 1st Source’s payout ratio is currently 26.62%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SRCE. Zacks Research downgraded 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. DA Davidson increased their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Monday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.67.

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.