Renaissance Technologies LLC Increases Stake in 1st Source Co. by 9.6% in Q2

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1st Source ($NASDAQ:SRCE) Co. is a banking and financial services company based in Indiana, United States. The company offers a wide range of services including personal and business banking, wealth management, and insurance. This recent development of Renaissance Technologies LLC increasing its stake in 1st Source Co. by 9.6% in the second quarter of the year has sparked interest among investors and analysts. Renaissance Technologies LLC is a prominent hedge fund founded by mathematician and former codebreaker James Simons. The company is known for its quantitative trading strategies and has consistently delivered high returns to its investors.

Furthermore, this increase in stake can also be seen as a vote of confidence in the banking industry as a whole. It is worth noting that this filing is at a lag and does not reflect the current holdings of the company. It reflects confidence in the company’s performance and aligns with its strong financial results. It also serves as an indication of the trust in the banking industry’s resilience and potential for growth in the future.

Analysis

After examining the financials of 1ST SOURCE, I can confidently say that this company has a lot of positive aspects that make it an attractive option for investors. Using our Star Chart, we can classify 1ST SOURCE as a ‘rhino’ company. This means that it has achieved moderate revenue or earnings growth, making it a stable and reliable choice for investors. One of the standout features of 1ST SOURCE is its high health score of 9/10. This indicates that the company has strong cash flows and manageable levels of debt. This is important because it means that the company is well-equipped to handle any financial challenges that may arise without the risk of bankruptcy. As an investor, this gives me confidence in the company’s ability to weather any economic downturns or crises. In addition to its strong financial health, 1ST SOURCE also performs well in other areas. It has a strong profitability score, which means it is generating solid returns for its shareholders. Its asset score is also strong, indicating that it has valuable assets that can create value for investors. Furthermore, the company pays out dividends, making it an attractive option for those looking for regular income from their investments. While not a top performer in terms of growth, 1ST SOURCE still has a medium score in this category. This suggests that the company has potential for future growth, but it is not necessarily its main focus. Instead, investors can rely on the stability and consistent performance of the company to generate returns. Overall, I believe that 1ST SOURCE would be appealing to a wide range of investors. Its strong financial health and performance make it a safe and reliable option for those looking for stability and steady returns. At the same time, its potential for growth and dividends make it attractive to investors seeking long-term growth as well. More…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for 1st Source. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for 1st Source. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for 1st Source. More…

Key Ratios Snapshot

Some of the financial key ratios for 1st Source are shown below. More…

Peers

The company offers a wide range of products and services including banking, lending, investments, and insurance. 1st Source Corp competes with a number of other financial institutions in the United States, including Salisbury Bancorp Inc, Union Bank Of The Philippines Inc, East West Banking Corp.

– Salisbury Bancorp Inc ($NASDAQ:SAL)

Salisbury Bancorp Inc is a bank holding company based in the United States. The company was founded in 1892 and is headquartered in New York, New York. Salisbury Bancorp Inc operates through its subsidiary, Salisbury Bank and Trust Company. The company provides banking services to individuals and businesses in the United States. Salisbury Bank and Trust Company offers a range of deposit and loan products, as well as online and mobile banking services.

– Union Bank Of The Philippines Inc ($PSE:UBP)

Union Bank of the Philippines Inc has a market cap of 167.08B as of 2022. The company is a universal bank that provides a wide range of banking and other financial services to its retail, corporate, and institutional clients. Its products and services include deposit products, loans, credit cards, foreign exchange, treasury, and trust services. The bank has a network of over 900 branches and 2,600 ATMs nationwide.

– East West Banking Corp ($PSE:EW)

East West Banking Corporation is a Philippines-based bank. The Bank offers a range of personal and corporate banking services, which include deposits, loans, foreign exchange, treasury, credit cards, and other services. East West Banking Corporation has a nationwide network of over 500 branches and 1,800 ATMs.

Summary

Renaissance Technologies LLC increased its investments in 1st Source Co. by 9.6% in the 2nd quarter. This indicates that the investment firm has confidence in the company’s performance and potential for growth. 1st Source Co. is a strong candidate for investment, as it has likely displayed positive financial results and a promising future outlook. Investors should take note of this increase in holdings by Renaissance Technologies LLC and consider conducting further analysis on 1st Source Co. to potentially make informed investment decisions.