Kennedy Capital Management LLC Boosts Stock Position in 1st Source Corporation $SRCE

Kennedy Capital Management LLC boosted its holdings in 1st Source Corporation (NASDAQ:SRCE) by 19.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 318,733 shares of the financial services provider’s stock after buying an additional 52,787 shares during the quarter. Kennedy Capital Management LLC owned approximately 1.30% of 1st Source worth $19,918,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Barclays PLC grew its holdings in shares of 1st Source by 22.0% during the fourth quarter. Barclays PLC now owns 50,498 shares of the financial services provider’s stock worth $3,156,000 after purchasing an additional 9,097 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 1st Source by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock worth $43,155,000 after purchasing an additional 8,614 shares during the last quarter. Ieq Capital LLC grew its holdings in shares of 1st Source by 50.4% during the fourth quarter. Ieq Capital LLC now owns 7,960 shares of the financial services provider’s stock worth $497,000 after purchasing an additional 2,667 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of 1st Source by 93.8% during the fourth quarter. Wells Fargo & Company MN now owns 75,962 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 36,760 shares during the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of 1st Source during the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SRCE shares. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Piper Sandler raised their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, DA Davidson reissued a “neutral” rating and set a $74.00 price target on shares of 1st Source in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

1st Source Price Performance

Shares of SRCE opened at $78.52 on Friday. The stock’s 50 day moving average is $73.68 and its two-hundred day moving average is $68.98. 1st Source Corporation has a twelve month low of $56.89 and a twelve month high of $78.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.89 billion, a PE ratio of 12.04 and a beta of 0.59.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The company had revenue of $112.25 million for the quarter, compared to analyst estimates of $111.88 million. Research analysts anticipate that 1st Source Corporation will post 6.78 earnings per share for the current year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.43 per share. The ex-dividend date was Tuesday, May 5th. This represents a $1.72 annualized dividend and a dividend yield of 2.2%. This is an increase from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is presently 26.38%.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.