1st Source Corporation $SRCE Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its 1st Source stake by 17.6% in the first quarter, selling 26,313 shares and retaining 122,814 shares valued at approximately $8.5 million. Institutional investors collectively own 74.45% of the company.
• 1st Source reported quarterly EPS of $1.95, exceeding the $1.71 analyst estimate, while revenue of $118.16 million also surpassed expectations. The stock opened at $90.51, near its 52-week high of $91.46.
• The company raised its quarterly dividend from $0.43 to $0.45 per share, implying a $1.80 annualized payout and a 2.0% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $89.67, though targets ranged as high as $100.

Renaissance Technologies LLC lowered its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 17.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,814 shares of the financial services provider's stock after selling 26,313 shares during the quarter. Renaissance Technologies LLC owned approximately 0.51% of 1st Source worth $8,500,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 1st Source by 99.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 102,785 shares of the financial services provider's stock valued at $7,114,000 after acquiring an additional 51,191 shares during the period. First Trust Advisors LP increased its holdings in shares of 1st Source by 51.6% in the 1st quarter. First Trust Advisors LP now owns 67,320 shares of the financial services provider's stock worth $4,659,000 after acquiring an additional 22,905 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of 1st Source by 11.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,595 shares of the financial services provider's stock worth $534,000 after acquiring an additional 772 shares during the period. Principal Financial Group Inc. bought a new stake in 1st Source in the 1st quarter valued at about $1,628,000. Finally, Money Concepts Capital Corp bought a new stake in 1st Source in the 1st quarter valued at about $228,000. 74.45% of the stock is currently owned by institutional investors.

1st Source Stock Up 0.9%

1st Source stock opened at $90.51 on Tuesday. 1st Source Corporation has a 52 week low of $56.89 and a 52 week high of $91.46. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 13.88 and a beta of 0.57. The company's 50-day moving average price is $80.52 and its two-hundred day moving average price is $73.71. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The firm had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. On average, analysts expect that 1st Source Corporation will post 7.26 EPS 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 paid a dividend of $0.45 per share. This is an increase from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, August 4th. 1st Source's dividend payout ratio (DPR) is 26.38%.

Analysts Set New Price Targets

SRCE has been the subject of several recent analyst reports. DA Davidson upped their target price on shares of 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price objective 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. Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Piper Sandler increased their price objective on 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. Finally, Weiss Ratings cut 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, July 28th. One 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $89.67.

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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