Jacobs Levy Equity Management Inc. Purchases New Position in 1st Source Corporation $SRCE

Key Points

• Jacobs Levy Equity Management Inc. has acquired 11,310 shares of 1st Source Corporation, valued at approximately $676,000, during the first quarter, signaling increased interest in the company from institutional investors.
• Analysts have raised their price targets for 1st Source Corporation, with Piper Sandler setting a new target of $80.00 and a general consensus of $72.00, while the stock currently has a rating of "Hold."
• 1st Source recently announced a quarterly dividend of $0.38 per share, representing an annualized dividend yield of 2.4%, which is an important factor for current and potential investors.

Jacobs Levy Equity Management Inc. bought a new position in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,310 shares of the financial services provider's stock, valued at approximately $676,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC purchased a new stake in 1st Source in the first quarter worth $7,012,000. Allspring Global Investments Holdings LLC purchased a new stake in 1st Source in the first quarter worth $398,000. Mirae Asset Global Investments Co. Ltd. increased its stake in 1st Source by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider's stock worth $831,000 after purchasing an additional 1,544 shares during the period. Deutsche Bank AG increased its stake in 1st Source by 59.5% in the fourth quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider's stock worth $971,000 after purchasing an additional 6,203 shares during the period. Finally, Cerity Partners LLC purchased a new stake in 1st Source in the first quarter worth $610,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SRCE shares. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Saturday, September 13th. Piper Sandler raised their price target on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. DA Davidson raised their price target on 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Finally, 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 note on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, 1st Source currently has an average rating of "Hold" and an average price target of $72.00.

1st Source Stock Up 2.9%

NASDAQ SRCE traded up $1.84 during trading on Thursday, hitting $65.21. The company's stock had a trading volume of 89,328 shares, compared to its average volume of 64,990. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The company has a market cap of $1.60 billion, a PE ratio of 11.42 and a beta of 0.72. The business's 50 day simple moving average is $62.48 and its 200-day simple moving average is $61.01. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13.

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

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is presently 26.62%.

About 1st Source

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.