Denali Advisors LLC Trims Position in 1st Source Corporation (NASDAQ:SRCE)

Denali Advisors LLC lowered its holdings in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 104,551 shares of the financial services provider's stock after selling 9,449 shares during the period. Denali Advisors LLC owned about 0.43% of 1st Source worth $6,253,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Alliancebernstein L.P. boosted its stake in shares of 1st Source by 2.6% during the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider's stock valued at $30,349,000 after purchasing an additional 13,273 shares in the last quarter. Millennium Management LLC boosted its stake in shares of 1st Source by 34.3% during the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider's stock valued at $11,901,000 after purchasing an additional 52,110 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of 1st Source by 15.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 196,617 shares of the financial services provider's stock valued at $11,478,000 after purchasing an additional 27,025 shares in the last quarter. Northern Trust Corp boosted its stake in shares of 1st Source by 5.2% during the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider's stock valued at $10,767,000 after purchasing an additional 9,165 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock valued at $8,116,000 after acquiring an additional 84,378 shares during the period. Institutional investors own 74.45% of the company's stock.

Analysts Set New Price Targets

SRCE has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, July 12th. Piper Sandler lifted their target price on shares of 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a report on Monday, April 28th.

1st Source Trading Down 0.8%

Shares of NASDAQ SRCE traded down $0.48 during mid-day trading on Tuesday, reaching $63.02. The company had a trading volume of 66,186 shares, compared to its average volume of 88,789. The business's 50-day moving average is $62.00 and its 200-day moving average is $60.85. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 11.08 and a beta of 0.68. 1st Source Corporation has a 52 week low of $52.14 and a 52 week high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.16. 1st Source had a net margin of 24.17% and a return on equity of 12.26%. The firm had revenue of $104.04 million for the quarter, compared to analysts' expectations of $100.97 million. Equities analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.41%. This is a positive change from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, May 5th. 1st Source's dividend payout ratio is presently 26.71%.

1st Source Company Profile

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.