1st Source Corporation $SRCE Stake Raised by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital nearly doubled its 1st Source stake in the first quarter, bringing its holdings to 102,785 shares valued at approximately $7.1 million. Institutional investors collectively own 74.45% of SRCE.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $89.67; Piper Sandler raised its target to $100 and rated the stock overweight.
• 1st Source exceeded quarterly earnings expectations, reporting $1.95 EPS versus the $1.71 estimate and $118.16 million in revenue. The company also increased its quarterly dividend to $0.45 per share, representing a 2.0% annualized yield.

Arrowstreet Capital Limited Partnership boosted its holdings in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 99.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 102,785 shares of the financial services provider's stock after acquiring an additional 51,191 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.43% of 1st Source worth $7,114,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SRCE. First Trust Advisors LP boosted its stake in shares of 1st Source by 51.6% during the 1st quarter. First Trust Advisors LP now owns 67,320 shares of the financial services provider's stock valued at $4,659,000 after buying an additional 22,905 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of 1st Source by 11.3% in the first 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 last quarter. Principal Financial Group Inc. bought a new position in 1st Source during the first quarter valued at approximately $1,628,000. Money Concepts Capital Corp bought a new position in 1st Source during the first quarter valued at approximately $228,000. Finally, Granite Investment Partners LLC lifted its stake in 1st Source by 13.1% in the first quarter. Granite Investment Partners LLC now owns 6,101 shares of the financial services provider's stock valued at $422,000 after acquiring an additional 709 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SRCE. Weiss Ratings downgraded shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday. Zacks Research upgraded shares of 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Piper Sandler raised their target price on 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday. DA Davidson boosted their price target on 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods upped their price target on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $89.67.

1st Source Stock Performance

Shares of SRCE opened at $89.74 on Friday. The company has a market capitalization of $2.16 billion, a PE ratio of 13.76 and a beta of 0.58. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46. 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 $73.45.

1st Source (NASDAQ:SRCE - Get Free Report) last released 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 net margin of 28.09% and a return on equity of 12.94%. The company had revenue of $118.16 million during the quarter, compared to analysts' expectations of $114.13 million. As a group, analysts expect that 1st Source Corporation will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. This is a boost from 1st Source's previous quarterly dividend of $0.43. 1st Source's payout ratio is presently 26.38%.

1st Source Profile

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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