1st Source Corporation $SRCE Shares Sold by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly reduced its holdings in 1st Source Corporation by 86.4%, ending the period with 1,400 shares valued at $84,000 after selling 8,922 shares.
• 1st Source Corporation's quarterly earnings report indicated an EPS of $1.51, surpassing the consensus estimate of $1.49, alongside revenue of $108.25 million, which was above analyst expectations.
• The company announced a quarterly dividend of $0.38 per share, reflecting an annual payout of $1.52, with a dividend yield of 2.4% and a payout ratio of 26.62%.

AlphaQuest LLC lessened its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 86.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,400 shares of the financial services provider's stock after selling 8,922 shares during the quarter. AlphaQuest LLC's holdings in 1st Source were worth $84,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. SG Americas Securities LLC lifted its holdings in 1st Source by 2.2% during the 1st quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock worth $532,000 after buying an additional 188 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in 1st Source by 2.5% in the first quarter. Valeo Financial Advisors LLC now owns 10,378 shares of the financial services provider's stock valued at $621,000 after acquiring an additional 254 shares in the last quarter. Values First Advisors Inc. grew its holdings in shares of 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. grew its holdings in shares of 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 holdings in shares of 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 purchasing an additional 390 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

NASDAQ:SRCE traded down $0.71 during mid-day trading on Friday, reaching $64.16. The stock had a trading volume of 54,313 shares, compared to its average volume of 93,982. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.24 and a beta of 0.72. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The business has a 50 day simple moving average of $62.60 and a 200 day simple moving average of $61.07.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating 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 firm had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. On average, analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given 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 presently 26.62%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SRCE shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, August 30th. Piper Sandler raised their price objective on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Finally, DA Davidson increased their target price 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. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $72.00.

About 1st Source

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.