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

Key Points

• First Trust Advisors LP increased its 1st Source stake by 51.6% in the first quarter, bringing its holdings to 67,320 shares valued at approximately $4.66 million. Institutional investors collectively own 74.45% of the company.
• 1st Source reported quarterly EPS of $1.95, exceeding the $1.71 consensus estimate, while revenue of $118.16 million also topped expectations. Analysts forecast full-year EPS of $7.26.
• The company raised its quarterly dividend from $0.43 to $0.45 per share, representing an annualized dividend of $1.80 and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.67.

First Trust Advisors LP increased its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 51.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,320 shares of the financial services provider's stock after purchasing an additional 22,905 shares during the period. First Trust Advisors LP owned 0.28% of 1st Source worth $4,659,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 371 shares during the last quarter. Quarry LP grew its holdings in shares of 1st Source by 1,694.4% during the third 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 last quarter. Rossby Financial LCC acquired a new stake in shares of 1st Source during the fourth quarter worth about $50,000. Tower Research Capital LLC TRC increased its position in shares of 1st Source by 435.7% during the second 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 in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of 1st Source in the 4th quarter valued at about $128,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Price Performance

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

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. Research analysts predict that 1st Source Corporation will post 7.26 earnings per share 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 given a $0.45 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. This is a boost from 1st Source's previous quarterly dividend of $0.43. 1st Source's payout ratio is presently 26.38%.

Wall Street Analysts Forecast Growth

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

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.

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