VELA Investment Management LLC Reduces Stake in 1st Source Corporation (NASDAQ:SRCE)

VELA Investment Management LLC lowered its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 15.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,331 shares of the financial services provider's stock after selling 5,915 shares during the quarter. VELA Investment Management LLC owned 0.13% of 1st Source worth $1,934,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. grew its stake in 1st Source by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 12,526 shares of the financial services provider's stock valued at $749,000 after purchasing an additional 430 shares during the period. Allspring Global Investments Holdings LLC bought a new position in 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% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider's stock valued at $831,000 after purchasing an additional 1,544 shares during the period. Financial Life Planners grew its stake in 1st Source by 239.1% in the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after purchasing an additional 1,963 shares during the period. Finally, Fifth Third Bancorp grew its stake in 1st Source by 6.8% in the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock valued at $369,000 after purchasing an additional 390 shares during the period. Institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of SRCE stock traded down $0.84 on Monday, hitting $64.87. 34,791 shares of the stock were exchanged, compared to its average volume of 91,022. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.59 billion, a PE ratio of 11.40 and a beta of 0.68. 1st Source Corporation has a one year low of $51.80 and a one year high of $68.13. The firm's 50 day moving average is $61.28 and its two-hundred day moving average is $60.48.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.16. The company had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. Sell-side analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a dividend of $0.38 per share. This is an increase from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Monday, May 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.34%. 1st Source's dividend payout ratio is presently 26.71%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Piper Sandler upped their price objective on 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Weiss Ratings restated a "buy (b-)" rating on shares of 1st Source in a research note on Friday, June 27th.

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.