Legal & General Group Plc Makes New Investment in 1st Source Corporation $SRCE

Legal & General Group Plc acquired a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 16,125 shares of the financial services provider’s stock, valued at approximately $1,315,000.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of 1st Source by 4.5% in 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 last quarter. Millennium Management LLC boosted its stake in 1st Source by 18.9% during the first 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in 1st Source by 29.1% during the first 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 valued at $1,977,000 after buying an additional 7,456 shares during the last quarter. Creative Planning bought a new position in 1st Source during the second quarter valued at approximately $284,000. Finally, Norges Bank purchased a new position in 1st Source during the 2nd quarter valued at approximately $855,000. 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 Bauer sold 500 shares of 1st Source stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.17% of the stock is owned by insiders.

1st Source Stock Performance

Shares of SRCE stock opened at $87.23 on Monday. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $91.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50 day simple moving average is $85.65 and its two-hundred day simple moving average is $77.03. The company has a market cap of $2.10 billion, a PE ratio of 13.38 and a beta of 0.56.

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

1st Source Increases Dividend

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

Analyst Upgrades and Downgrades

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