1st Source Corporation $SRCE Stock Position Raised by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd increased its stake in 1st Source Corporation by 147.5% during the first quarter, now owning 9,302 shares valued at approximately $556,000.
• Several institutional investors, including Nuveen LLC and Deutsche Bank AG, have recently made significant acquisitions of 1st Source Corporation shares, contributing to a total of 74.45% of the stock being held by such investors.
• 1st Source Corporation announced a quarterly dividend of $0.38, representing an annualized dividend yield of 2.4% with a payout ratio of 26.62%.

Dynamic Technology Lab Private Ltd grew its position in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 147.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,302 shares of the financial services provider's stock after purchasing an additional 5,543 shares during the quarter. Dynamic Technology Lab Private Ltd's holdings in 1st Source were worth $556,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SRCE. Vanguard Group Inc. lifted its holdings in shares of 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock valued at $63,883,000 after purchasing an additional 140,698 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 1st Source by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider's stock worth $36,604,000 after purchasing an additional 19,059 shares during the period. The Manufacturers Life Insurance Company boosted its stake in 1st Source by 0.9% during the first quarter. The Manufacturers Life Insurance Company now owns 262,475 shares of the financial services provider's stock valued at $15,699,000 after buying an additional 2,355 shares during the period. Millennium Management LLC grew its stake in 1st Source by 18.9% in 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 in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in 1st Source by 4.0% in the first quarter. Bridgeway Capital Management LLC now owns 204,478 shares of the financial services provider's stock worth $12,230,000 after buying an additional 7,861 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Trading Down 1.5%

Shares of NASDAQ SRCE traded down $0.99 during midday trading on Friday, reaching $63.34. 44,472 shares of the stock were exchanged, compared to its average volume of 62,495. The stock has a market capitalization of $1.55 billion, a P/E ratio of 11.09 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The company has a 50 day simple moving average of $62.58 and a 200 day simple moving average of $61.03.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.49 by $0.02. The firm had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. As a group, equities analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is currently 26.62%.

Analyst Ratings Changes

SRCE has been the subject of a number of research analyst reports. DA Davidson raised their target price on 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Piper Sandler increased their price target on shares of 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday, July 28th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a research report on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $72.00.

1st Source 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.