1st Source Corporation $SRCE Shares Purchased by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC has increased its stake in 1st Source Corporation by 4.0%, now owning approximately $12.23 million worth of shares.
• 1st Source reported earnings per share of $1.51, surpassing analyst expectations and achieved a net margin of 24.02%.
• The company recently declared a quarterly dividend of $0.38 per share, which equates to an annualized dividend yield of 2.4%.

Bridgeway Capital Management LLC increased its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,478 shares of the financial services provider's stock after buying an additional 7,861 shares during the period. Bridgeway Capital Management LLC owned about 0.83% of 1st Source worth $12,230,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC lifted its position in shares of 1st Source by 2.2% in the first quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock valued at $532,000 after acquiring an additional 188 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of 1st Source by 2.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 10,378 shares of the financial services provider's stock worth $621,000 after purchasing an additional 254 shares during the last quarter. Values First Advisors Inc. raised its position in shares of 1st Source by 0.9% in the first quarter. Values First Advisors Inc. now owns 36,138 shares of the financial services provider's stock valued at $2,163,000 after buying an additional 323 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 1st Source by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,444 shares of the financial services provider's stock worth $610,000 after acquiring an additional 388 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in 1st Source by 6.8% in the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after acquiring an additional 390 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $63.80 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The firm's 50-day moving average price is $62.54 and its two-hundred day moving average price is $61.08. 1st Source Corporation has a 52-week low of $52.14 and a 52-week high of $68.13. The stock has a market capitalization of $1.57 billion, a P/E ratio of 11.17 and a beta of 0.72.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The business had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. As a group, sell-side analysts forecast that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is currently 26.62%.

Wall Street Analyst Weigh In

SRCE has been the topic of several analyst reports. DA Davidson raised their price objective on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $69.00 price objective (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Saturday, August 30th. Finally, Piper Sandler boosted their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $72.00.

1st Source Company Profile

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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