Canada Pension Plan Investment Board Takes Position in 1st Source Corporation $SRCE

Key Points

• Canada Pension Plan Investment Board purchased 13,800 shares of 1st Source, valued at approximately $1.13 million, giving it a 0.06% stake. Institutional investors collectively own 74.45% of the company.
• 1st Source exceeded quarterly expectations with earnings of $1.95 per share versus the $1.71 estimate and revenue of $118.16 million. The company also raised its quarterly dividend to $0.45 per share, equivalent to a 2.1% annual yield.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $89.67. Shares recently opened at $85.63, near their 52-week high of $91.46.

Canada Pension Plan Investment Board purchased a new stake in 1st Source Corporation (NASDAQ:SRCE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 13,800 shares of the financial services provider's stock, valued at approximately $1,126,000. Canada Pension Plan Investment Board owned approximately 0.06% of 1st Source at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 1st Source by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider's stock valued at $653,000 after buying an additional 467 shares during the period. Millennium Management LLC raised its stake in 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock worth $14,502,000 after buying an additional 38,610 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in 1st Source by 29.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider's stock worth $1,977,000 after buying an additional 7,456 shares during the period. Creative Planning bought a new position in 1st Source in the second quarter worth approximately $284,000. Finally, Norges Bank bought a new position in 1st Source in the second quarter worth approximately $855,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $85.63 on Tuesday. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 13.13 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. 1st Source Corporation has a fifty-two week low of $56.89 and a fifty-two week high of $91.46. The firm's 50-day simple moving average is $85.20 and its 200 day simple moving average is $76.57.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million during 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%. As a group, research analysts anticipate that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This is a positive change from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. 1st Source's payout ratio is presently 27.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SRCE shares. DA Davidson raised 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, July 27th. Piper Sandler upped 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. Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Weiss Ratings downgraded shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. One investment 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $89.67.

Insider Transactions at 1st Source

In related news, CFO Brett A. Bauer sold 500 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the sale, the chief financial officer owned 30,706 shares in the company, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 20.17% of the company's stock.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source