1st Source Corporation $SRCE Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in 1st Source Corporation by 10.7% in Q1, owning 204,189 shares valued at approximately $12.2 million.
• 1st Source reported an earnings per share (EPS) of $1.51 for the last quarter, beating expectations, and had a net margin of 24.02%.
• The company announced a quarterly dividend of $0.38, resulting in a dividend yield of 2.3% and a payout ratio of 26.62%.

Northern Trust Corp raised its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 10.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 204,189 shares of the financial services provider's stock after purchasing an additional 19,755 shares during the period. Northern Trust Corp owned 0.83% of 1st Source worth $12,213,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. SG Americas Securities LLC increased its position in 1st Source by 2.2% during the first quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock worth $532,000 after purchasing an additional 188 shares during the last quarter. Valeo Financial Advisors LLC increased its position in 1st Source by 2.5% during the first 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. increased its position in 1st Source by 0.9% during the first quarter. Values First Advisors Inc. now owns 36,138 shares of the financial services provider's stock worth $2,163,000 after purchasing an additional 323 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 purchasing an additional 388 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in 1st Source by 6.8% during the first quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after buying an additional 390 shares during the period. Institutional investors and hedge funds own 74.45% of the company's stock.

Analyst Upgrades and Downgrades

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

1st Source Stock Performance

Shares of NASDAQ:SRCE traded down $0.20 on Wednesday, reaching $63.64. 50,783 shares of the company's stock were exchanged, compared to its average volume of 63,654. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The business's 50-day moving average is $62.66 and its two-hundred day moving average is $61.04. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 11.15 and a beta of 0.72.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data 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 net margin of 24.02% and a return on equity of 11.94%. The business had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. As a group, equities research analysts forecast that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

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

1st Source 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.