1st Source Corporation $SRCE Shares Purchased by First Trust Advisors LP

First Trust Advisors LP boosted its stake in 1st Source Corporation (NASDAQ:SRCE) by 51.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 67,320 shares of the financial services provider’s stock after purchasing an additional 22,905 shares during the quarter. First Trust Advisors LP’s holdings in 1st Source were worth $4,659,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. CM Management LLC acquired a new position in 1st Source in the fourth quarter valued at $1,094,000. Principal Financial Group Inc. purchased a new position in shares of 1st Source in the 1st quarter worth about $1,628,000. Denali Advisors LLC raised its holdings in shares of 1st Source by 10.2% in the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock worth $7,536,000 after purchasing an additional 11,200 shares during the period. Vanguard Group Inc. lifted its stake in shares of 1st Source by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after purchasing an additional 122,146 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of 1st Source by 191.1% in the 1st quarter. SG Americas Securities LLC now owns 32,378 shares of the financial services provider’s stock valued at $2,241,000 after purchasing an additional 21,254 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings lowered shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Zacks Research raised shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Piper Sandler lifted their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Finally, DA Davidson upped their price target on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, 1st Source currently has an average rating of “Moderate Buy” and an average price target of $89.67.

1st Source Price Performance

Shares of SRCE opened at $90.82 on Wednesday. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 13.93 and a beta of 0.57. The stock has a 50 day moving average of $80.85 and a 200-day moving average of $73.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source Corporation has a 52 week low of $56.89 and a 52 week high of $91.46.

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

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.0%. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is currently 26.38%.

About 1st Source

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.