Edgestream Partners L.P. Buys 29,732 Shares of 1st Source Corporation $SRCE

Edgestream Partners L.P. raised its stake in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 226.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,833 shares of the financial services provider's stock after purchasing an additional 29,732 shares during the quarter. Edgestream Partners L.P. owned 0.18% of 1st Source worth $2,964,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after buying an additional 371 shares during the last quarter. Quarry LP raised its position in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider's stock valued at $40,000 after buying an additional 610 shares during the last quarter. Rossby Financial LCC purchased a new stake in 1st Source in the 4th quarter valued at $50,000. Tower Research Capital LLC TRC lifted its stake in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in 1st Source during the 4th quarter worth $128,000. Institutional investors own 74.45% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SRCE. DA Davidson increased their target price on shares of 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price target on shares of 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Zacks Research raised shares of 1st Source from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings lowered shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday. Finally, Piper Sandler boosted their target price on 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $89.67.

1st Source Stock Performance

NASDAQ SRCE opened at $89.74 on Friday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.76 and a beta of 0.58. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The business's fifty day moving average is $80.19 and its 200-day moving average is $73.45.

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

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be given a $0.45 dividend. This is a positive change from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, August 4th. 1st Source's payout ratio is presently 26.38%.

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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