19,839 Shares in 1st Source Corporation $SRCE Bought by Deutsche Bank AG

Key Points

• Deutsche Bank acquired 19,839 shares of 1st Source Corporation during the second quarter, valued at approximately $1.62 million. Institutional investors collectively own 74.45% of the company.
• 1st Source reported quarterly earnings of $1.95 per share, exceeding estimates of $1.71, while revenue of $118.16 million also topped expectations.
• The company increased its quarterly dividend from $0.43 to $0.45 per share, representing an annualized dividend of $1.80 and a 2.1% yield; analysts maintain a “Moderate Buy” consensus with an $89.67 target price.

Deutsche Bank AG acquired a new stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 19,839 shares of the financial services provider's stock, valued at approximately $1,618,000. Deutsche Bank AG owned approximately 0.08% of 1st Source as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $653,000 after purchasing an additional 467 shares during the period. Millennium Management LLC raised its position in shares of 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock valued at $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 boosted its holdings in 1st Source by 29.1% in the 1st 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 worth $1,977,000 after buying an additional 7,456 shares during the period. Creative Planning bought a new position in 1st Source in the 2nd quarter worth $284,000. Finally, Norges Bank purchased a new stake in 1st Source in the 2nd quarter worth $855,000. 74.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Brett A. Bauer sold 500 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the sale, the chief financial officer directly owned 30,706 shares of the company's stock, valued at $2,698,750.34. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 20.17% of the company's stock.

1st Source Price Performance

Shares of 1st Source stock opened at $86.41 on Friday. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 13.25 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $85.05 and a 200-day moving average price of $76.41. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. The company had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. Equities analysts expect that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, August 4th. This is a positive change from 1st Source's previous quarterly dividend of $0.43. 1st Source's payout ratio is currently 27.61%.

Wall Street Analyst Weigh In

A number of research firms have commented on SRCE. DA Davidson raised their price target on 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Zacks Research raised 1st Source from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Weiss Ratings downgraded 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 28th. Piper Sandler increased their price objective 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, Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $89.67.

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.

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