Bank of America Corp DE Acquires 55,171 Shares of 1st Source Corporation $SRCE

Key Points

• Bank of America acquired 55,171 shares of 1st Source, valued at approximately $4.5 million, while institutional investors collectively own 74.45% of the company.
• 1st Source exceeded quarterly expectations, reporting $1.95 in earnings per share versus the $1.71 consensus estimate and revenue of $118.16 million compared with $114.13 million expected.
• The company raised its quarterly dividend to $0.45 per share, and analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.

Bank of America Corp DE purchased a new stake in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 55,171 shares of the financial services provider's stock, valued at approximately $4,501,000. Bank of America Corp DE owned approximately 0.23% of 1st Source at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Jupiter Topco LLC acquired a new stake in shares of 1st Source during the second quarter worth about $39,286,000. Hsbc Holdings PLC purchased a new position in shares of 1st Source in the 2nd quarter valued at approximately $2,537,000. Canada Pension Plan Investment Board acquired a new position in shares of 1st Source in the second quarter valued at approximately $1,126,000. Legal & General Group Plc purchased a new stake in shares of 1st Source during the second quarter worth approximately $1,315,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of 1st Source during the second quarter worth $19,319,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Down 0.7%

SRCE opened at $85.53 on Tuesday. 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 company has a market cap of $2.06 billion, a price-to-earnings ratio of 13.12 and a beta of 0.56. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46. The business's fifty day moving average is $86.91 and its two-hundred day moving average is $78.99.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share 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 business had revenue of $118.16 million during the quarter, compared to analysts' expectations of $114.13 million. Analysts anticipate that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were given a $0.45 dividend. This is a boost from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 4th. 1st Source's dividend payout ratio (DPR) is presently 27.61%.

Analysts Set New Price Targets

SRCE has been the topic of several analyst reports. Piper Sandler lifted their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings cut 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted their price target on 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Finally, DA Davidson increased their price objective on 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. One investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.67.

Insider Buying and Selling at 1st Source

In other 1st Source news, CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares of the company's stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 20.17% of the stock is currently owned by corporate insiders.

About 1st Source

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions in northern Indiana and southwest Michigan.

The bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management, cash management, and other traditional banking services. It also provides wealth management, trust and investment services, insurance solutions, and specialized financing for industries such as transportation, construction equipment, aircraft, and marine equipment.

Founded in 1863, 1st Source has developed a regional banking network serving communities across its primary market area.

Want to see what other hedge funds are holding SRCE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 1st Source Corporation (NASDAQ:SRCE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.