Quantbot Technologies LP Makes New Investment in 1st Source Corporation $SRCE

Quantbot Technologies LP acquired a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 7,866 shares of the financial services provider’s stock, valued at approximately $642,000.

Several other hedge funds have also recently modified their holdings of SRCE. EverSource Wealth Advisors LLC boosted its position in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 371 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in 1st Source in the second quarter worth $40,000. Quarry LP raised its stake in 1st Source by 1,694.4% during the third quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 610 shares in the last quarter. Rossby Financial LCC purchased a new position in shares of 1st Source in the 4th quarter worth $50,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,368 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Insider Buying and Selling

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.17% of the stock is owned by company insiders.

1st Source Trading Up 0.4%

Shares of NASDAQ:SRCE opened at $86.49 on Friday. The business’s 50-day moving average is $84.86 and its 200 day moving average is $76.34. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $91.46. The firm has a market capitalization of $2.08 billion, a P/E ratio of 13.27 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The business had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. On average, research analysts predict that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.45 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date was Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 1st Source’s dividend payout ratio (DPR) is 27.61%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SRCE. Keefe, Bruyette & Woods raised their price objective on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Zacks Research upgraded shares of 1st Source from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Piper Sandler increased their target price on 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. DA Davidson lifted their price objective on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Weiss Ratings lowered shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.67.

1st Source Company Profile

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.