Nuveen LLC Acquires Shares of 117,238 1st Source Corporation $SRCE

Key Points

• Nuveen LLC has invested $7.01 million in 1st Source Corporation, acquiring approximately 117,238 shares, representing about 0.48% ownership of the company.
• 1st Source recently announced a quarterly dividend of $0.38 per share, yielding 2.4%, with a payout ratio of 26.62%.
• Analysts project an average target price of $72.00 for 1st Source shares, with ratings including one "Buy" and two "Hold."

Nuveen LLC bought a new position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 117,238 shares of the financial services provider's stock, valued at approximately $7,012,000. Nuveen LLC owned approximately 0.48% of 1st Source as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. increased its stake in 1st Source by 2.3% during the 1st quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider's stock valued at $2,296,000 after purchasing an additional 846 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in 1st Source by 3.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider's stock valued at $36,604,000 after purchasing an additional 19,059 shares in the last quarter. Vanguard Group Inc. increased its stake in 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock valued at $63,883,000 after purchasing an additional 140,698 shares in the last quarter. Picton Mahoney Asset Management increased its stake in 1st Source by 265.1% during the 1st quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock valued at $414,000 after purchasing an additional 5,042 shares in the last quarter. Finally, Legato Capital Management LLC increased its stake in 1st Source by 7.4% during the 1st quarter. Legato Capital Management LLC now owns 27,258 shares of the financial services provider's stock valued at $1,630,000 after purchasing an additional 1,878 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Stock Performance

1st Source stock traded up $0.08 during midday trading on Thursday, hitting $64.69. The stock had a trading volume of 60,880 shares, compared to its average volume of 95,285. The firm's fifty day moving average is $62.13 and its two-hundred day moving average is $61.16. The company has a market capitalization of $1.59 billion, a PE ratio of 11.33 and a beta of 0.71. 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.

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

1st Source Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. DA Davidson boosted their price target on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Piper Sandler boosted their price target on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. 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. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of 1st Source in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $72.00.

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.