1st Source Corporation $SRCE Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 16,983 shares of 1st Source in the third quarter, worth about $1.44 million and representing roughly 0.07% of the company. Institutional investors collectively own 74.45% of shares.
• 1st Source reported quarterly EPS of $2.03, beating analysts’ $1.83 estimate; revenue of $118.83 million also topped expectations. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $91.67.
• The company declared a quarterly dividend of $0.45 per share, equivalent to $1.80 annually and a 2.1% yield. CFO Brett Bauer separately sold 500 shares for $43,945.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,983 shares of the financial services provider's stock, valued at approximately $1,435,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.07% of 1st Source at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SRCE. 1ST Source Bank acquired a new position in shares of 1st Source in the 2nd quarter worth approximately $416,946,000. BlackRock Inc. acquired a new stake in 1st Source in the 2nd quarter valued at $166,355,000. Jupiter Topco LLC acquired a new stake in 1st Source in the 2nd quarter valued at $39,286,000. The Manufacturers Life Insurance Company acquired a new stake in 1st Source in the 2nd quarter valued at $19,319,000. Finally, Janus Henderson Group PLC grew its position in 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock valued at $31,889,000 after acquiring an additional 125,248 shares during the period. 74.45% of the stock is currently owned by institutional investors.

Insider Transactions at 1st Source

In related news, CFO Brett Bauer sold 500 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the transaction, the chief financial officer owned 30,706 shares in the company, valued at $2,698,750.34. This represents a 1.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 20.17% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SRCE has been the subject of several recent analyst reports. Weiss Ratings upgraded 1st Source from a "buy (a-)" rating to a "buy (a)" rating in a research note on Tuesday, October 27th. DA Davidson boosted their target price on shares of 1st Source from $87.00 to $88.00 and gave the company a "neutral" rating in a research note on Tuesday, October 27th. Zacks Research lowered shares of 1st Source from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Piper Sandler reiterated an "overweight" rating and set a $105.00 target price (up from $100.00) on shares of 1st Source in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.67.

1st Source Stock Down 0.5%

Shares of SRCE opened at $86.94 on Friday. The company has a market capitalization of $2.09 billion, a P/E ratio of 11.73 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. 1st Source Corporation has a one year low of $59.54 and a one year high of $91.46. The business's 50 day simple moving average is $86.23 and its 200-day simple moving average is $78.29.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $2.03 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.20. The business had revenue of $118.83 million for the quarter, compared to analyst estimates of $118.11 million. 1st Source had a return on equity of 13.57% and a net margin of 28.85%. As a group, sell-side analysts predict that 1st Source Corporation will post 7.62 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, November 3rd. 1st Source's payout ratio is currently 24.29%.

About 1st Source

1st Source Corporation NASDAQ: SRCE is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.

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