Jump Financial LLC Makes New $500,000 Investment in 1st Source Corporation $SRCE

Key Points

• Jump Financial LLC acquired 8,357 shares of 1st Source Corporation, valued at approximately $500,000, indicating institutional interest in the company.
• Wall Street analysts have positive forecasts for 1st Source, with price targets raised to as much as $80.00 and an average rating of "Hold" based on recent reports.
• 1st Source recently declared a quarterly dividend of $0.38, yielding 2.4%, with a dividend payout ratio of 26.62%, reflecting its commitment to returning value to shareholders.

Jump Financial LLC purchased a new position in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 8,357 shares of the financial services provider's stock, valued at approximately $500,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Aquatic Capital Management LLC raised its holdings in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after buying an additional 315 shares during the period. Financial Life Planners raised its holdings in 1st Source by 239.1% during the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after buying an additional 1,963 shares during the period. Tower Research Capital LLC TRC raised its holdings in 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after buying an additional 2,204 shares during the period. Raymond James Financial Inc. acquired a new stake in 1st Source during the 4th quarter worth about $250,000. Finally, ProShare Advisors LLC raised its holdings in 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. 74.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SRCE. Piper Sandler lifted their target price on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research note on Saturday, August 30th. Keefe, Bruyette & Woods reaffirmed 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 lifted their target price on 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $72.00.

1st Source Stock Performance

1st Source stock traded up $1.07 during trading hours on Thursday, reaching $64.87. 51,434 shares of the company were exchanged, compared to its average volume of 94,198. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 11.36 and a beta of 0.72. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $62.54 and a 200 day moving average of $61.08. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. The firm had revenue of $108.25 million during 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 anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.3%. 1st Source's dividend payout ratio is presently 26.62%.

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.