LRI Investments LLC Takes $48,000 Position in 1st Source Co. (NASDAQ:SRCE)

LRI Investments LLC purchased a new stake in 1st Source Co. (NASDAQ:SRCE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 922 shares of the financial services provider’s stock, valued at approximately $48,000.

A number of other large investors have also bought and sold shares of SRCE. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of 1st Source in the 1st quarter valued at approximately $628,000. Campbell & CO Investment Adviser LLC increased its position in shares of 1st Source by 190.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock worth $1,297,000 after purchasing an additional 15,473 shares during the period. Wellington Management Group LLP boosted its stake in shares of 1st Source by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after purchasing an additional 39,514 shares in the last quarter. Dean Capital Management grew its holdings in shares of 1st Source by 4.6% during the 4th quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock valued at $1,418,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Denali Advisors LLC grew its holdings in shares of 1st Source by 31.0% during the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock valued at $3,748,000 after purchasing an additional 16,900 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

Insider Buying and Selling at 1st Source

In other news, Director Daniel B. Fitzpatrick bought 1,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the acquisition, the director now owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Jeffrey L. Buhr sold 1,925 shares of 1st Source stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the transaction, the executive vice president now owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel B. Fitzpatrick purchased 1,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average price of $49.65 per share, with a total value of $49,650.00. Following the completion of the purchase, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The disclosure for this purchase can be found here. Company insiders own 19.30% of the company’s stock.

1st Source Stock Performance

SRCE traded up $3.08 during trading on Friday, hitting $65.47. 195,934 shares of the company traded hands, compared to its average volume of 121,916. The firm has a market cap of $1.60 billion, a P/E ratio of 13.17 and a beta of 0.80. 1st Source Co. has a one year low of $40.96 and a one year high of $65.63. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average is $53.49 and its 200 day moving average is $51.80.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.22%. The firm had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. During the same period in the prior year, the firm posted $1.30 earnings per share. As a group, equities analysts predict that 1st Source Co. will post 4.84 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Monday, August 5th. 1st Source’s payout ratio is currently 28.97%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler boosted their price target on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th.

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.