Semanteon Capital Management LP Purchases New Stake in 1st Source Corporation $SRCE

Semanteon Capital Management LP purchased a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 9,257 shares of the financial services provider’s stock, valued at approximately $570,000. 1st Source makes up 0.7% of Semanteon Capital Management LP’s investment portfolio, making the stock its 24th biggest holding.

A number of other hedge funds have also recently modified their holdings of the company. Engineers Gate Manager LP raised its stake in shares of 1st Source by 8.9% during the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 304 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in 1st Source by 3.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 317 shares during the period. EverSource Wealth Advisors LLC increased its holdings in 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares during the period. Isthmus Partners LLC raised its position in 1st Source by 0.8% during the 2nd quarter. Isthmus Partners LLC now owns 55,541 shares of the financial services provider’s stock valued at $3,447,000 after purchasing an additional 459 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 acquiring an additional 467 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

SRCE opened at $70.59 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. The company’s 50-day simple moving average is $66.36 and its two-hundred day simple moving average is $63.43. 1st Source Corporation has a 52-week low of $52.14 and a 52-week high of $71.98. The stock has a market capitalization of $1.72 billion, a P/E ratio of 11.01 and a beta of 0.64.

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

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s dividend payout ratio is 24.96%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total value of $125,419.00. Following the transaction, the vice president owned 65,976 shares of the company’s stock, valued at approximately $4,355,075.76. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.55% of the company’s stock.

1st Source 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.