Vanguard Group Inc. Has $63.88 Million Position in 1st Source Corporation $SRCE

Vanguard Group Inc. grew its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 15.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,068,094 shares of the financial services provider's stock after buying an additional 140,698 shares during the period. Vanguard Group Inc. owned approximately 4.35% of 1st Source worth $63,883,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Picton Mahoney Asset Management raised its position in shares of 1st Source by 265.1% during the first quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock valued at $414,000 after buying an additional 5,042 shares during the last quarter. Legato Capital Management LLC boosted its position in shares of 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 acquiring an additional 1,878 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of 1st Source by 13.8% during the 1st quarter. Victory Capital Management Inc. now owns 9,829 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 1,193 shares in the last quarter. Isthmus Partners LLC boosted its position in shares of 1st Source by 0.8% during the 1st quarter. Isthmus Partners LLC now owns 55,082 shares of the financial services provider's stock valued at $3,294,000 after acquiring an additional 433 shares in the last quarter. Finally, Cerity Partners LLC acquired a new stake in shares of 1st Source during the 1st quarter valued at about $610,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Trading Up 4.8%

Shares of 1st Source stock opened at $64.07 on Monday. The stock has a market capitalization of $1.57 billion, a P/E ratio of 11.22 and a beta of 0.71. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The company has a 50-day simple moving average of $61.82 and a 200 day simple moving average of $61.12. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced 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 analysts' expectations of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. Research analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently weighed in on SRCE shares. DA Davidson lifted their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $69.00 target price (up from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Piper Sandler lifted their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of 1st Source in a research report on Thursday, August 14th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, 1st Source currently has a consensus rating of "Hold" and an average target price of $72.00.

1st Source 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.

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