1ST Source Bank Buys 9,927 Shares of 1st Source Corporation $SRCE

1ST Source Bank boosted its stake in 1st Source Corporation (NASDAQ:SRCE) by 0.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,179,191 shares of the financial services provider’s stock after purchasing an additional 9,927 shares during the quarter. 1st Source comprises 18.5% of 1ST Source Bank’s portfolio, making the stock its largest position. 1ST Source Bank owned about 0.22% of 1st Source worth $358,452,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 1st Source by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock worth $653,000 after purchasing an additional 467 shares during the period. Millennium Management LLC grew its stake in shares of 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after buying an additional 38,610 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of 1st Source by 29.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider’s stock worth $1,977,000 after buying an additional 7,456 shares during the last quarter. Creative Planning acquired a new stake in shares of 1st Source during the 2nd quarter worth $284,000. Finally, Norges Bank acquired a new stake in shares of 1st Source during the 2nd quarter worth $855,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

SRCE has been the topic of a number of research analyst reports. Piper Sandler lifted their target price on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Weiss Ratings restated a “buy (a-)” rating on shares of 1st Source in a research note on Thursday, July 2nd. Finally, DA Davidson restated a “neutral” rating and issued a $74.00 price objective on shares of 1st Source in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $77.00.

1st Source Stock Performance

NASDAQ:SRCE opened at $81.50 on Wednesday. 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 $1.96 billion, a price-to-earnings ratio of 12.50 and a beta of 0.58. The firm’s fifty day simple moving average is $76.79 and its 200 day simple moving average is $71.46. 1st Source Corporation has a twelve month low of $56.89 and a twelve month high of $86.64.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The business had revenue of $112.25 million for the quarter, compared to analysts’ expectations of $111.88 million. As a group, equities research analysts expect that 1st Source Corporation will post 6.81 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, May 15th. Stockholders of record on Tuesday, May 5th were given a $0.43 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. 1st Source’s dividend payout ratio (DPR) is currently 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.