Ieq Capital LLC Takes $547,000 Position in 1st Source Corporation $SRCE

Ieq Capital LLC acquired a new stake in 1st Source Corporation (NASDAQ:SRCE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 6,705 shares of the financial services provider’s stock, valued at approximately $547,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. grew its stake in 1st Source by 1.2% during the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock worth $1,043,000 after purchasing an additional 206 shares during the period. Engineers Gate Manager LP lifted its stake in 1st Source by 8.9% in the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after buying an additional 304 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after buying an additional 371 shares in the last quarter. Zacks Investment Management grew its position in shares of 1st Source by 4.2% during the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after buying an additional 388 shares during the period. Finally, Man Group plc grew its position in shares of 1st Source by 3.6% during the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after buying an additional 413 shares during the period. Institutional investors own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SRCE shares. Piper Sandler boosted their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Weiss Ratings cut shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, July 28th. Zacks Research raised shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. DA Davidson upped their price objective on shares of 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods increased 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 report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.67.

Insider Buying and Selling

In other news, CFO Brett A. Bauer sold 500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 20.17% of the company’s stock.

1st Source Stock Down 0.1%

1st Source stock opened at $86.41 on Friday. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 13.25 and a beta of 0.57. The firm’s fifty day moving average price is $85.05 and its two-hundred day moving average price is $76.41. 1st Source Corporation has a 1-year low of $56.89 and a 1-year high of $91.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The company had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. On average, equities 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 declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.45 per share. This is an increase 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 presently 27.61%.

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.