Readystate Asset Management LP Invests $675,000 in 1st Source Co. (NASDAQ:SRCE)

Readystate Asset Management LP bought a new stake in shares of 1st Source Co. (NASDAQ:SRCE) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 11,277 shares of the financial services provider’s stock, valued at approximately $675,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. raised its holdings in 1st Source by 95.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock valued at $1,683,000 after acquiring an additional 13,753 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after buying an additional 28,648 shares in the last quarter. Principal Financial Group Inc. acquired a new position in shares of 1st Source in the 3rd quarter worth approximately $664,000. Renaissance Technologies LLC raised its holdings in shares of 1st Source by 9.6% in the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after buying an additional 12,774 shares in the last quarter. Finally, Quest Partners LLC raised its holdings in shares of 1st Source by 169.4% in the 3rd quarter. Quest Partners LLC now owns 12,564 shares of the financial services provider’s stock worth $752,000 after buying an additional 7,900 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 0.9 %

Shares of SRCE opened at $64.45 on Friday. 1st Source Co. has a 1 year low of $47.30 and a 1 year high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $61.95 and a 200-day simple moving average of $58.24. The stock has a market cap of $1.58 billion, a PE ratio of 12.38 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. The business had revenue of $97.93 million during the quarter, compared to analysts’ expectations of $97.30 million. During the same period in the prior year, the firm posted $1.32 EPS. On average, sell-side analysts predict that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, November 5th were issued a dividend of $0.36 per share. The ex-dividend date was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.23%. 1st Source’s dividend payout ratio is 27.43%.

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.