Insider Selling: 1st Source (NASDAQ:SRCE) CFO Sells $43,945.00 in Stock

Key Points

• 1st Source CFO Brett Bauer sold 500 shares at an average price of $87.89, generating $43,945 and reducing his direct ownership by 1.6% to 30,706 shares.
• The stock fell 0.8% to $87.33, while the company reported quarterly EPS of $1.95—beating estimates by $0.24—and revenue of $118.16 million, above consensus.
• 1st Source increased its quarterly dividend from $0.43 to $0.45 per share, equivalent to a 2.1% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) CFO Brett Bauer sold 500 shares of the firm's stock in a transaction 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 sale, the chief financial officer directly owned 30,706 shares of the company's stock, valued at $2,698,750.34. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

1st Source Trading Down 0.8%

Shares of SRCE traded down $0.68 during mid-day trading on Monday, reaching $87.33. The stock had a trading volume of 125,964 shares, compared to its average volume of 135,694. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. 1st Source Corporation has a 52-week low of $56.89 and a 52-week high of $91.46. The business's fifty day moving average is $81.77 and its 200 day moving average is $74.41. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 13.39 and a beta of 0.57.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The company had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. On average, sell-side analysts predict that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be issued a $0.45 dividend. This is a boost from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 4th. 1st Source's payout ratio is currently 27.61%.

Wall Street Analyst Weigh In

A number of research firms have commented on SRCE. DA Davidson lifted their target price on 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods raised their price objective 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 lowered shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, July 28th. Finally, Piper Sandler upped their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, 1st Source has a consensus rating of "Moderate Buy" and an average price target of $89.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SRCE. Arrowstreet Capital Limited Partnership grew its stake in 1st Source by 99.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 102,785 shares of the financial services provider's stock worth $7,114,000 after buying an additional 51,191 shares during the last quarter. CM Management LLC purchased a new stake in 1st Source in the fourth quarter valued at approximately $1,094,000. Principal Financial Group Inc. purchased a new stake in 1st Source in the first quarter valued at approximately $1,628,000. Edgestream Partners L.P. grew its position in shares of 1st Source by 226.9% during the first quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider's stock worth $2,964,000 after acquiring an additional 29,732 shares during the last quarter. Finally, Denali Advisors LLC increased its holdings in shares of 1st Source by 10.2% in the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider's stock valued at $7,536,000 after acquiring an additional 11,200 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

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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