1st Source (NASDAQ:SRCE) Announces Earnings Results

Key Points

• 1st Source Corporation reported a quarterly EPS of $1.51, surpassing analysts' expectations of $1.49, along with revenues of $108.25 million against estimates of $104.67 million.
• The company declared a quarterly dividend of $0.38, payable on August 15th, representing an annualized dividend of $1.52 with a yield of 2.50% and a payout ratio of 26.71%.
• Institutional investors own approximately 74.45% of 1st Source's stock, with significant increases in holdings from firms like Millennium Management and UBS AM during the first quarter.

1st Source (NASDAQ:SRCE - Get Free Report) posted its quarterly earnings data on Thursday. The financial services provider reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.49 by $0.02, Zacks reports. The company had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 12.10%.

1st Source Trading Down 1.8%

SRCE traded down $1.09 during midday trading on Friday, reaching $60.90. 106,688 shares of the company's stock traded hands, compared to its average volume of 77,689. The firm has a fifty day moving average of $61.99 and a two-hundred day moving average of $61.01. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 10.67 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.95 and a quick ratio of 0.95. 1st Source has a 52 week low of $52.14 and a 52 week high of $68.13.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is presently 26.71%.

Institutional Trading of 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC raised its holdings in 1st Source by 18.9% in the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock worth $14,502,000 after purchasing an additional 38,610 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of 1st Source by 29.1% during 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 purchasing an additional 7,456 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 1st Source by 4.5% during 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 in the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

Analyst Ratings Changes

SRCE has been the subject of several research reports. Piper Sandler raised their target price on 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research report on Saturday, July 12th.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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