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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SRCE. Financial Life Planners increased its holdings in 1st Source by 239.1% in the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after buying an additional 1,963 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of 1st Source in the fourth quarter valued at approximately $250,000. ProShare Advisors LLC raised its stake in shares of 1st Source by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock worth $302,000 after buying an additional 1,701 shares during the period. Fifth Third Bancorp lifted its position in shares of 1st Source by 6.8% during the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock valued at $369,000 after buying an additional 390 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of 1st Source during the 1st quarter valued at approximately $398,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

Wall Street Analyst Weigh In

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

1st Source Price Performance

SRCE stock traded down $0.71 during trading on Friday, hitting $64.16. The stock had a trading volume of 54,313 shares, compared to its average volume of 65,535. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The stock has a market capitalization of $1.57 billion, a P/E ratio of 11.24 and a beta of 0.72. The company's 50-day moving average price is $62.65 and its two-hundred day moving average price is $61.02.

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

1st Source Dividend Announcement

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

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.