Denali Advisors LLC Cuts Stock Holdings in 1st Source Corporation (NASDAQ:SRCE)

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

Other institutional investors have also added to or reduced their stakes in the company. Aquatic Capital Management LLC increased its position in shares of 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock valued at $147,000 after purchasing an additional 315 shares during the last quarter. Financial Life Planners lifted its stake in shares of 1st Source by 239.1% in the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after acquiring an additional 1,963 shares during the last quarter. Tower Research Capital LLC TRC grew its position in 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after acquiring an additional 2,204 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in 1st Source in the 4th quarter worth approximately $219,000. Finally, Polymer Capital Management US LLC bought a new stake in 1st Source in the fourth quarter valued at approximately $233,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Piper Sandler upped their target price on 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a report on Saturday, July 12th.

1st Source Trading Down 0.7%

SRCE traded down $0.48 on Friday, reaching $63.55. 56,618 shares of the company traded hands, compared to its average volume of 89,125. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The company has a market cap of $1.56 billion, a P/E ratio of 11.17 and a beta of 0.68. The firm has a fifty day simple moving average of $62.00 and a two-hundred day simple moving average of $60.83. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its 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. The business had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a net margin of 24.17% and a return on equity of 12.26%. As a group, equities research 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 announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a $0.38 dividend. This is a boost from 1st Source's previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Monday, May 5th. 1st Source's payout ratio is currently 26.71%.

About 1st Source

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.