VELA Investment Management LLC Sells 7,641 Shares of 1st Source Co. (NASDAQ:SRCE)

VELA Investment Management LLC lowered its position in shares of 1st Source Co. (NASDAQ:SRCE) by 20.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 30,133 shares of the financial services provider’s stock after selling 7,641 shares during the quarter. VELA Investment Management LLC’s holdings in 1st Source were worth $1,804,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SRCE. Mirae Asset Global Investments Co. Ltd. purchased a new stake in 1st Source in the first quarter worth approximately $628,000. Harbor Capital Advisors Inc. boosted its stake in shares of 1st Source by 276.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider’s stock worth $770,000 after acquiring an additional 10,544 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of 1st Source by 134.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,821 shares of the financial services provider’s stock worth $777,000 after acquiring an additional 8,490 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of 1st Source by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after acquiring an additional 12,774 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of 1st Source by 17.4% during the 2nd quarter. AQR Capital Management LLC now owns 81,494 shares of the financial services provider’s stock worth $4,370,000 after acquiring an additional 12,067 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of 1st Source stock traded up $0.22 during trading hours on Friday, reaching $59.45. The company’s stock had a trading volume of 41,834 shares, compared to its average volume of 78,188. 1st Source Co. has a one year low of $45.49 and a one year high of $65.63. 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 50 day moving average price of $59.62 and a 200-day moving average price of $55.96. The stock has a market cap of $1.46 billion, a P/E ratio of 11.32 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.05. The company had revenue of $97.93 million during the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same period in the previous year, the company earned $1.32 EPS. On average, analysts predict that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be given a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.42%. 1st Source’s payout ratio is presently 27.43%.

Analyst Ratings Changes

Several brokerages have recently weighed in on SRCE. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note 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.