Ellsworth Advisors LLC Purchases New Shares in 1st Source Corporation $SRCE

Key Points

• Ellsworth Advisors LLC has invested $503,000 in 1st Source Corporation, acquiring 8,405 shares during the first quarter, signaling institutional interest in the financial services sector.
• 1st Source Corporation has received positive analyst ratings, with a target price increase from Piper Sandler to $80.00, reflecting a consensus rating of "Hold" with an average target of $72.00.
• The company announced a quarterly dividend of $0.38, representing an annualized dividend yield of 2.4% and a payout ratio of 26.62%.

Ellsworth Advisors LLC bought a new stake in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 8,405 shares of the financial services provider's stock, valued at approximately $503,000.

Several other institutional investors have also modified their holdings of the company. Financial Life Planners increased its holdings 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 worth $166,000 after acquiring an additional 1,963 shares during the period. ProShare Advisors LLC increased its holdings in shares of 1st Source by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock worth $302,000 after acquiring an additional 1,701 shares during the period. Fifth Third Bancorp increased its holdings in shares of 1st Source by 6.8% in the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after acquiring an additional 390 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of 1st Source in the 1st quarter worth about $398,000. Finally, Picton Mahoney Asset Management increased its holdings in shares of 1st Source by 265.1% in the 1st quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock worth $414,000 after acquiring an additional 5,042 shares during the period. Institutional investors own 74.45% of the company's stock.

1st Source Price Performance

SRCE stock traded down $0.04 during trading hours on Monday, hitting $63.30. 76,654 shares of the stock traded hands, compared to its average volume of 92,836. 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 stock has a 50-day simple moving average of $62.58 and a 200 day simple moving average of $60.98. 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 $1.55 billion, a P/E ratio of 11.09 and a beta of 0.72.

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

1st Source Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently weighed in on SRCE shares. DA Davidson increased their price objective on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Piper Sandler increased their price target on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research note 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 data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $72.00.

1st Source Company 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.