Vanguard Group Inc. Raises Position in 1st Source Corporation $SRCE

Vanguard Group Inc. increased its holdings in 1st Source Corporation (NASDAQ:SRCE) by 10.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,316,642 shares of the financial services provider’s stock after purchasing an additional 122,146 shares during the quarter. Vanguard Group Inc. owned 0.05% of 1st Source worth $82,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares during the period. Quarry LP raised its position in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 610 shares during the period. State of Alaska Department of Revenue purchased a new position in 1st Source in the 3rd quarter worth $60,000. Tower Research Capital LLC TRC raised its position in 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,368 shares during the period. Finally, Financial Life Planners purchased a new position in 1st Source in the 3rd quarter worth $173,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

SRCE has been the topic of a number of analyst reports. DA Davidson reiterated a “neutral” rating and issued a $74.00 target price on shares of 1st Source in a research report on Monday, April 27th. Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Finally, Piper Sandler boosted their price objective on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

1st Source Price Performance

SRCE stock opened at $71.57 on Thursday. The firm’s 50-day moving average price is $70.85 and its two-hundred day moving average price is $66.90. 1st Source Corporation has a 12-month low of $56.89 and a 12-month high of $76.44. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 10.98 and a beta of 0.59. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million during the quarter, compared to analysts’ expectations of $111.88 million. As a group, equities analysts predict that 1st Source Corporation will post 6.78 earnings per share for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th will be given a $0.43 dividend. The ex-dividend date is Tuesday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.4%. 1st Source’s dividend payout ratio is presently 26.38%.

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.