Jacobs Levy Equity Management Inc. Acquires Shares of 11,310 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. acquired a new position in shares of 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 acquired 11,310 shares of the financial services provider's stock, valued at approximately $676,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of 1st Source in the 1st quarter valued at $7,012,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of 1st Source in the 1st quarter valued at $398,000. Mirae Asset Global Investments Co. Ltd. grew its stake in 1st Source by 12.6% during the 1st 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 in the last quarter. Deutsche Bank AG grew its stake in 1st Source by 59.5% during the 4th 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 in the last quarter. Finally, Cerity Partners LLC acquired a new position in 1st Source during the 1st quarter worth $610,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of 1st Source stock traded down $0.04 on Monday, hitting $63.30. The stock had a trading volume of 76,654 shares, compared to its average volume of 60,924. 1st Source Corporation has a 52-week low of $52.14 and a 52-week high of $68.13. 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 market cap of $1.55 billion, a price-to-earnings ratio of 11.09 and a beta of 0.72. The company's 50 day moving average price is $62.55 and its 200 day moving average price is $60.97.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its 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. 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, research analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

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

Analyst Upgrades and Downgrades

SRCE has been the subject of several analyst reports. DA Davidson boosted their target price on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Piper Sandler boosted their target price on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research note on Saturday, August 30th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $69.00 target price (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target 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.