VELA Investment Management LLC Has $2.23 Million Stock Holdings in 1st Source Co. (NASDAQ:SRCE)

VELA Investment Management LLC lifted its position in 1st Source Co. (NASDAQ:SRCE) by 26.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,246 shares of the financial services provider’s stock after acquiring an additional 8,113 shares during the period. VELA Investment Management LLC owned approximately 0.16% of 1st Source worth $2,233,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SRCE. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 1st Source by 12.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,303 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 1,125 shares during the period. New York State Teachers Retirement System increased its stake in 1st Source by 12.2% during the 3rd 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. Harbor Capital Advisors Inc. increased its stake in 1st Source by 95.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock worth $1,683,000 after purchasing an additional 13,753 shares in the last quarter. Principal Financial Group Inc. bought a new stake in 1st Source during the 3rd quarter worth approximately $664,000. Finally, Victory Capital Management Inc. bought a new stake in 1st Source during the 3rd quarter worth approximately $413,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SRCE has been the subject of a number of research reports. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods increased their target price on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Wednesday, February 19th.

1st Source Price Performance

Shares of SRCE opened at $64.29 on Friday. The stock has a market capitalization of $1.58 billion, a P/E ratio of 11.99 and a beta of 0.81. 1st Source Co. has a twelve month low of $47.30 and a twelve month high of $68.13. The company has a 50 day moving average of $61.13 and a 200-day moving average of $61.11. 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 (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, equities research analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.24%. 1st Source’s dividend payout ratio is currently 26.87%.

About 1st Source

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.