Legal & General Group Plc Takes $1.31 Million Position in 1st Source Corporation $SRCE

Key Points

• Legal & General Group acquired 16,125 shares of 1st Source, valued at approximately $1.315 million, giving it a 0.07% stake. Institutional investors collectively own 74.45% of the company.
• 1st Source exceeded quarterly expectations, reporting $1.95 EPS versus the $1.71 consensus and revenue of $118.16 million versus $114.13 million expected.
• The company raised its quarterly dividend from $0.43 to $0.45 per share, representing a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.

Legal & General Group Plc acquired a new position in 1st Source Corporation (NASDAQ:SRCE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,125 shares of the financial services provider's stock, valued at approximately $1,315,000. Legal & General Group Plc owned 0.07% of 1st Source as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 1st Source by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider's stock valued at $653,000 after buying an additional 467 shares during the period. Millennium Management LLC raised its position in 1st Source by 18.9% in the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock worth $14,502,000 after acquiring an additional 38,610 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 1st Source by 29.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider's stock worth $1,977,000 after acquiring an additional 7,456 shares during the last quarter. Creative Planning purchased a new position in shares of 1st Source during the 2nd quarter worth $284,000. Finally, Norges Bank bought a new stake in shares of 1st Source during the 2nd quarter valued at $855,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

Insider Transactions at 1st Source

In other 1st Source news, CFO Brett Bauer sold 500 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at $2,698,750.34. This represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 20.17% of the company's stock.

1st Source Stock Performance

Shares of 1st Source stock opened at $87.23 on Monday. The company has a market capitalization of $2.10 billion, a P/E ratio of 13.38 and a beta of 0.56. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The company has a fifty day moving average of $85.65 and a 200 day moving average of $77.03. 1st Source Corporation has a fifty-two week low of $56.89 and a fifty-two week high of $91.46.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The business had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. On average, sell-side analysts anticipate that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.45 per share. This is an increase from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, August 4th. 1st Source's dividend payout ratio (DPR) is 27.61%.

Analyst Ratings Changes

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

1st Source Company Profile

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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