Empowered Funds LLC Takes Position in 1st Source Corporation $SRCE

Key Points

• Empowered Funds LLC acquired 112,609 shares of 1st Source, valued at approximately $9.2 million, giving it a 0.47% stake. Institutional investors collectively own 74.45% of the company.
• 1st Source exceeded quarterly expectations, reporting $1.95 in EPS versus the $1.71 consensus estimate and revenue of $118.16 million. The company also raised its quarterly dividend to $0.45, or $1.80 annually, yielding about 2.1%.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $89.67; Piper Sandler raised its target to $100 and assigned an “overweight” rating. Shares recently opened at $86.41.

Empowered Funds LLC bought a new stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 112,609 shares of the financial services provider's stock, valued at approximately $9,187,000. Empowered Funds LLC owned approximately 0.47% of 1st Source at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SRCE. Russell Investments Group Ltd. grew its stake in shares of 1st Source by 1.2% in the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider's stock valued at $1,043,000 after buying an additional 206 shares in the last quarter. Engineers Gate Manager LP lifted its position in 1st Source by 8.9% during the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider's stock worth $231,000 after acquiring an additional 304 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 371 shares in the last quarter. Zacks Investment Management grew its position in 1st Source by 4.2% in the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider's stock valued at $592,000 after acquiring an additional 388 shares in the last quarter. Finally, Man Group plc raised its stake in shares of 1st Source by 3.6% during the fourth quarter. Man Group plc now owns 11,933 shares of the financial services provider's stock valued at $746,000 after purchasing an additional 413 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of 1st Source stock opened at $86.41 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $91.46. The firm's 50-day simple moving average is $85.05 and its 200-day simple moving average is $76.41. The firm has a market cap of $2.08 billion, a PE ratio of 13.25 and a beta of 0.57.

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

1st Source Increases Dividend

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

Insider Buying and Selling

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the sale, the chief financial officer owned 30,706 shares in the company, valued at $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction 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 corporate insiders.

Analysts Set New Price Targets

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