Legato Capital Management LLC Purchases 2,255 Shares of 1st Source Co. (NASDAQ:SRCE)

Legato Capital Management LLC raised its position in shares of 1st Source Co. (NASDAQ:SRCE) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,380 shares of the financial services provider’s stock after buying an additional 2,255 shares during the period. Legato Capital Management LLC owned about 0.10% of 1st Source worth $1,482,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. R Squared Ltd bought a new position in shares of 1st Source in the fourth quarter valued at about $40,000. Financial Life Planners acquired a new stake in 1st Source in the 4th quarter valued at about $48,000. nVerses Capital LLC raised its stake in shares of 1st Source by 150.0% in the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 600 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 182 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of 1st Source during the third quarter worth approximately $122,000. Institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 2.0 %

NASDAQ SRCE opened at $66.28 on Thursday. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $1.63 billion, a P/E ratio of 12.37 and a beta of 0.81. The stock’s 50-day moving average is $60.61 and its 200-day moving average is $60.72.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. Sell-side analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.17%. 1st Source’s payout ratio is currently 26.87%.

Analysts Set New Price Targets

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

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.