Source Corporation $SRCE is 1ST Source Bank’s Largest Position

1ST Source Bank lifted its holdings in 1st Source Corporation (NASDAQ:SRCE) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,179,191 shares of the financial services provider’s stock after buying an additional 9,927 shares during the quarter. 1st Source accounts for 18.5% of 1ST Source Bank’s portfolio, making the stock its biggest holding. 1ST Source Bank owned 21.52% of 1st Source worth $358,452,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 valued at $653,000 after purchasing an additional 467 shares during the period. Millennium Management LLC grew its position 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 worth $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 1st Source by 29.1% in 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 in the last quarter. Creative Planning purchased a new position in 1st Source in the second quarter valued at about $284,000. Finally, Norges Bank purchased a new position in 1st Source in the second quarter valued at about $855,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

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

1st Source Price Performance

NASDAQ:SRCE opened at $81.50 on Wednesday. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 12.50 and a beta of 0.58. 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 company’s 50-day moving average is $76.79 and its two-hundred day moving average is $71.46. 1st Source Corporation has a 12-month low of $56.89 and a 12-month high of $86.64.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 EPS 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 firm had revenue of $112.25 million for the quarter, compared to analysts’ expectations of $111.88 million. Research analysts expect that 1st Source Corporation will post 6.81 EPS for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s dividend payout ratio is currently 26.38%.

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.