Connor Clark & Lunn Investment Management Ltd. Has $2.48 Million Position in 1st Source Co. (NASDAQ:SRCE)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 48.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,390 shares of the financial services provider’s stock after buying an additional 13,784 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.17% of 1st Source worth $2,475,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in 1st Source during the 4th quarter worth about $40,000. Financial Life Planners acquired a new position in 1st Source during the 4th quarter worth about $48,000. Jones Financial Companies Lllp lifted its holdings in 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the period. Quantbot Technologies LP bought a new position in shares of 1st Source in the 3rd quarter worth about $122,000. Finally, Ieq Capital LLC bought a new position in shares of 1st Source in the 4th quarter worth about $250,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Stock Performance

Shares of SRCE opened at $62.19 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50 day moving average price of $62.05 and a two-hundred day moving average price of $61.42. The firm has a market capitalization of $1.53 billion, a P/E ratio of 11.60 and a beta of 0.78. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Equities analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio is currently 26.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SRCE. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods boosted their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday, January 27th.

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.