CM Management LLC Invests $1.09 Million in 1st Source Corporation $SRCE

Key Points

• CM Management LLC bought a new position of 17,500 shares in 1st Source (NASDAQ:SRCE) in Q4 valued at about $1.09 million (≈0.07% stake), with institutional investors now owning roughly 74.45% and several funds (JPMorgan, American Century) recently increasing positions.
• 1st Source raised its quarterly dividend to $0.43 from $0.40 (ex-dividend May 5, payable May 15), implying an annualized $1.72, a yield of ~2.3%, and a payout ratio of 24.54%.
• The company reported Q earnings of $1.63 EPS, missing consensus by $0.01 while revenue of $112.25M slightly beat estimates; 1st Source has a $1.78B market cap, P/E of 11.33, and a consensus analyst rating of "Moderate Buy" with a $77 target (Piper Sandler $88).

CM Management LLC bought a new position in 1st Source Corporation (NASDAQ:SRCE - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 17,500 shares of the financial services provider's stock, valued at approximately $1,094,000. CM Management LLC owned approximately 0.07% of 1st Source at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of 1st Source by 40.3% in the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider's stock valued at $4,828,000 after acquiring an additional 22,525 shares in the last quarter. Kelman Lazarov Inc. bought a new position in shares of 1st Source in the third quarter valued at approximately $1,442,000. American Century Companies Inc. grew its holdings in shares of 1st Source by 30.7% in the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider's stock valued at $20,890,000 after acquiring an additional 79,614 shares in the last quarter. Semanteon Capital Management LP bought a new position in shares of 1st Source in the third quarter valued at approximately $570,000. Finally, AlphaQuest LLC grew its holdings in shares of 1st Source by 507.5% in the third quarter. AlphaQuest LLC now owns 8,985 shares of the financial services provider's stock valued at $553,000 after acquiring an additional 7,506 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $73.86 on Friday. The stock has a fifty day simple moving average of $70.23 and a two-hundred day simple moving average of $66.17. 1st Source Corporation has a 1-year low of $56.89 and a 1-year high of $76.44. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 11.33 and a beta of 0.59. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million for the quarter, compared to the consensus estimate of $111.88 million. Analysts anticipate that 1st Source Corporation will post 6.78 earnings per share for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This is an increase from 1st Source's previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. 1st Source's dividend payout ratio is 24.54%.

Wall Street Analyst Weigh In

SRCE has been the subject of several recent analyst reports. Weiss Ratings raised 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, April 6th. DA Davidson reaffirmed a "neutral" rating and issued a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. Finally, Piper Sandler upped their target price on 1st Source from $83.00 to $88.00 and gave the company an "overweight" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $77.00.

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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