1st Source Co. (NASDAQ:SRCE) Stock Holdings Boosted by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. raised its position in 1st Source Co. (NASDAQ:SRCE) by 276.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,357 shares of the financial services provider’s stock after purchasing an additional 10,544 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.06% of 1st Source worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of 1st Source by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock worth $51,960,000 after purchasing an additional 39,514 shares in the last quarter. Isthmus Partners LLC increased its stake in 1st Source by 41.3% in the 1st quarter. Isthmus Partners LLC now owns 64,977 shares of the financial services provider’s stock worth $3,406,000 after purchasing an additional 18,976 shares in the last quarter. Denali Advisors LLC raised its holdings in 1st Source by 31.0% during the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after buying an additional 16,900 shares during the period. Campbell & CO Investment Adviser LLC increased its position in shares of 1st Source by 190.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock worth $1,297,000 after acquiring an additional 15,473 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of 1st Source in the 1st quarter valued at about $628,000. Institutional investors own 74.45% of the company’s stock.

Insider Activity

In other 1st Source news, Director Daniel B. Fitzpatrick bought 1,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $49.65 per share, with a total value of $49,650.00. Following the acquisition, the director now owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Jeffrey L. Buhr sold 1,925 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the completion of the transaction, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at $3,473,744.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel B. Fitzpatrick acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $49.65 per share, with a total value of $49,650.00. Following the transaction, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The disclosure for this purchase can be found here. Insiders own 19.30% of the company’s stock.

1st Source Price Performance

NASDAQ:SRCE traded down $0.34 during trading hours on Wednesday, reaching $57.48. The company had a trading volume of 31,654 shares, compared to its average volume of 71,711. 1st Source Co. has a one year low of $40.96 and a one year high of $65.63. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $54.96 and a two-hundred day moving average of $52.29. The firm has a market capitalization of $1.41 billion, a PE ratio of 11.63 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The company had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same period last year, the firm earned $1.30 EPS. Analysts forecast that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, August 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 2.51%. 1st Source’s dividend payout ratio is presently 28.97%.

Wall Street Analyst Weigh In

SRCE has been the topic of several research analyst reports. Piper Sandler downgraded 1st Source from an “overweight” rating to a “neutral” rating and raised their price target for the company from $60.00 to $67.50 in a research report on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source 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.