Denali Advisors LLC Sells 38,700 Shares of 1st Source Corporation $SRCE

Key Points

• Denali Advisors cut its 1st Source stake by 32.4% in the second quarter, selling 38,700 shares and retaining 80,900 shares valued at approximately $6.6 million. Institutional investors collectively own 74.45% of the company.
• 1st Source reported quarterly EPS of $1.95, beating estimates of $1.71, while revenue of $118.16 million also exceeded expectations. The company increased its quarterly dividend to $0.45, implying a 2.1% annualized yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $89.67; Piper Sandler raised its target to $100. Shares opened at $85.71, down 2.3%.

Denali Advisors LLC decreased its position in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 32.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,900 shares of the financial services provider's stock after selling 38,700 shares during the period. Denali Advisors LLC owned about 0.34% of 1st Source worth $6,600,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. 1ST Source Bank bought a new stake in shares of 1st Source in the second quarter valued at $416,946,000. BlackRock Inc. purchased a new position in shares of 1st Source during the 2nd quarter valued at $166,355,000. Janus Henderson Group PLC grew its stake in shares of 1st Source by 37.4% during the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock worth $31,889,000 after acquiring an additional 125,248 shares during the period. Vanguard Group Inc. increased its holdings in 1st Source by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider's stock worth $82,277,000 after acquiring an additional 122,146 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in 1st Source in the 2nd quarter worth about $8,574,000. 74.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the transaction, the chief financial officer directly owned 30,706 shares of the company's stock, valued at $2,698,750.34. This trade represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.17% of the stock is currently owned by insiders.

1st Source Stock Down 2.3%

Shares of NASDAQ SRCE opened at $85.71 on Thursday. 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 company has a market cap of $2.06 billion, a P/E ratio of 13.15 and a beta of 0.57. 1st Source Corporation has a 52 week low of $56.89 and a 52 week high of $91.46. The business has a 50-day simple moving average of $83.82 and a two-hundred day simple moving average of $75.62.

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

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were paid a $0.45 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a boost from 1st Source's previous quarterly dividend of $0.43. 1st Source's dividend payout ratio is currently 27.61%.

Wall Street Analyst Weigh In

SRCE has been the topic of several recent research reports. Zacks Research raised shares of 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Piper Sandler boosted their price target on shares of 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. DA Davidson upped their price target on shares of 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods upped 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. Finally, Weiss Ratings downgraded shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, 1st Source currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.67.

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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