Bank of New York Mellon Corp Makes New Investment in 1st Source Corporation $SRCE

Key Points

• Bank of New York Mellon acquired 105,103 shares of 1st Source, valued at approximately $8.6 million, giving it a 0.44% stake. Institutional investors collectively own 74.45% of the company.
• 1st Source exceeded quarterly expectations, reporting $1.95 EPS versus the $1.71 consensus and revenue of $118.16 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.
• The company raised its quarterly dividend from $0.43 to $0.45 per share, equivalent to $1.80 annually and a 2.1% yield. Shares opened at $86.07, near their 52-week high of $91.46.

Bank of New York Mellon Corp purchased a new position in 1st Source Corporation (NASDAQ:SRCE - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 105,103 shares of the financial services provider's stock, valued at approximately $8,574,000. Bank of New York Mellon Corp owned about 0.44% of 1st Source as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of 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 purchasing an additional 371 shares during the last quarter. Quarry LP raised its position in shares of 1st Source by 1,694.4% in the third quarter. Quarry LP now owns 646 shares of the financial services provider's stock valued at $40,000 after buying an additional 610 shares during the last quarter. Rossby Financial LCC purchased a new position in shares of 1st Source during the fourth quarter valued at approximately $50,000. Tower Research Capital LLC TRC lifted its stake in shares of 1st Source by 435.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after buying an additional 1,368 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of 1st Source during the fourth quarter valued at approximately $128,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 1st Source news, CFO Brett A. 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 transaction of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares of the company's stock, valued at $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 20.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. 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 report on Monday, July 27th. Piper Sandler increased their target price on 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Weiss Ratings downgraded 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods raised 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. Finally, Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.67.

1st Source Trading Up 1.4%

SRCE stock opened at $86.07 on Thursday. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 13.20 and a beta of 0.56. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $85.44 and a 200-day simple moving average of $76.79. 1st Source Corporation has a 52 week low of $56.89 and a 52 week high of $91.46.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.24. The business had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. On average, equities research analysts expect that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

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

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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