23,524 Shares in 1st Source Corporation $SRCE Purchased by Principal Financial Group Inc.

Key Points

• Principal Financial Group acquired 23,524 shares of 1st Source, valued at approximately $1.63 million and representing about 0.10% of the company. Institutional investors collectively own 74.45% of SRCE.
• 1st Source exceeded quarterly earnings expectations, reporting $1.95 EPS versus the $1.71 consensus and revenue of $118.16 million versus $114.13 million expected.
• The company increased its quarterly dividend to $0.45 per share, or $1.80 annualized, yielding about 2.0%. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.

Principal Financial Group Inc. bought a new stake in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 23,524 shares of the financial services provider's stock, valued at approximately $1,628,000. Principal Financial Group Inc. owned about 0.10% of 1st Source as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. EverSource Wealth Advisors LLC raised its position in 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock worth $27,000 after buying an additional 371 shares during the last quarter. Quarry LP boosted its holdings in shares of 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 610 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of 1st Source in the 4th quarter valued at $50,000. Tower Research Capital LLC TRC increased its stake in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock worth $104,000 after acquiring an additional 1,368 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of 1st Source in the fourth quarter worth $128,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Stock Down 0.6%

SRCE stock opened at $89.74 on Friday. The firm has a market cap of $2.16 billion, a PE ratio of 13.76 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The firm's fifty day moving average is $79.87 and its 200 day moving average is $73.34. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping 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 business had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. On average, research analysts forecast that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, August 4th. This is a positive change from 1st Source's previous quarterly dividend of $0.43. 1st Source's payout ratio is currently 26.38%.

Analysts Set New Price Targets

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

1st Source Company 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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