1st Source Corporation $SRCE Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 40.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,426 shares of the financial services provider’s stock after buying an additional 22,525 shares during the quarter. JPMorgan Chase & Co. owned 0.32% of 1st Source worth $4,828,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SRCE. EverSource Wealth Advisors LLC increased its stake in shares of 1st Source by 562.1% in the second 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 during the last quarter. Quarry LP boosted its stake in 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 610 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in 1st Source during the 3rd quarter worth $60,000. Tower Research Capital LLC TRC grew its holdings in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,368 shares in the last quarter. Finally, Financial Life Planners bought a new stake in shares of 1st Source in the 3rd quarter worth about $173,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Stock Up 0.6%

SRCE stock opened at $70.68 on Friday. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 11.03 and a beta of 0.58. 1st Source Corporation has a 1-year low of $52.14 and a 1-year high of $71.98. The firm has a fifty day moving average price of $68.41 and a two-hundred day moving average price of $64.52. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. The company had revenue of $115.39 million for the quarter. Research analysts predict that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. 1st Source’s dividend payout ratio (DPR) is currently 24.96%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SRCE. DA Davidson upped their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Monday, December 29th. Finally, Piper Sandler upped their price objective on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $75.33.

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.