1st Source Corporation $SRCE Shares Purchased by Janus Henderson Group PLC

Key Points

• Janus Henderson Group increased its 1st Source stake by 37.4% in the first quarter, bringing its holdings to 460,422 shares valued at approximately $31.9 million. Institutional investors collectively own 74.45% of SRCE.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $89.67. Piper Sandler raised its target to $100, while Zacks Research upgraded the stock to “strong buy.”
• 1st Source exceeded quarterly earnings expectations, reporting $1.95 EPS versus the $1.71 consensus and revenue of $118.16 million. The company also raised its quarterly dividend to $0.45 per share, implying a 2.0% annualized yield.

Janus Henderson Group PLC raised its position in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 37.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 460,422 shares of the financial services provider's stock after acquiring an additional 125,248 shares during the quarter. Janus Henderson Group PLC owned approximately 1.91% of 1st Source worth $31,889,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in shares of 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 371 shares in the last quarter. Quarry LP grew its stake 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 in the last quarter. Rossby Financial LCC acquired a new position in shares of 1st Source during the fourth quarter worth $50,000. Tower Research Capital LLC TRC increased its holdings in 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after buying an additional 1,368 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in 1st Source in the fourth quarter valued at $128,000. Institutional investors and hedge funds own 74.45% of the company's stock.

Analysts Set New Price Targets

SRCE has been the subject of a number of recent analyst reports. Zacks Research raised 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. DA Davidson increased their price objective on 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 raised their target price on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings cut 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 28th. Finally, Piper Sandler upped their price target on 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.67.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $89.74 on Monday. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $91.46. The firm has a market capitalization of $2.16 billion, a P/E ratio of 13.76 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The company's fifty day moving average price is $80.19 and its 200 day moving average price is $73.52.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.24. The company had revenue of $118.16 million during 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%. As a group, sell-side analysts predict that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently announced 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. This is a boost from 1st Source's previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. 1st Source's payout ratio is currently 26.38%.

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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