Dynamic Technology Lab Private Ltd Increases Stock Position in 1st Source Corporation $SRCE

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 raised its holdings in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 147.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Millennium Management LLC increased its stake in 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock valued at $14,502,000 after purchasing an additional 38,610 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 1st Source by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider's stock valued at $653,000 after purchasing an additional 467 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of 1st Source in the first quarter valued at about $676,000. Bridgeway Capital Management LLC raised its holdings in shares of 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 valued at $12,230,000 after purchasing an additional 7,861 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of 1st Source by 0.9% in 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 purchasing an additional 2,355 shares during the last quarter. Institutional investors own 74.45% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SRCE shares. Piper Sandler increased their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a research report on Saturday. Finally, DA Davidson increased their price target on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, 1st Source has an average rating of "Hold" and an average target price of $72.00.

1st Source Price Performance

Shares of 1st Source stock traded down $0.18 on Tuesday, reaching $63.12. The stock had a trading volume of 67,421 shares, compared to its average volume of 61,534. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $68.13. The company has a market cap of $1.55 billion, a P/E ratio of 11.05 and a beta of 0.72. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The business's 50 day moving average is $62.51 and its two-hundred day moving average is $60.99.

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

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a 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%.

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.