Kelman Lazarov Inc. Invests $1.44 Million in 1st Source Corporation $SRCE

Kelman Lazarov Inc. purchased a new position in shares of 1st Source Corporation (NASDAQ:SRCE) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,419 shares of the financial services provider’s stock, valued at approximately $1,442,000. Kelman Lazarov Inc. owned approximately 0.10% of 1st Source as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position in 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares during the period. State of Alaska Department of Revenue acquired a new stake in 1st Source during the 3rd quarter valued at $60,000. Tower Research Capital LLC TRC raised its holdings in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,368 shares during the last quarter. Curi Capital LLC purchased a new stake in shares of 1st Source in the second quarter valued at $205,000. Finally, Engineers Gate Manager LP boosted its stake in shares of 1st Source by 8.9% during the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 304 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SRCE. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a report on Monday, December 29th. Piper Sandler lifted their target price on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, DA Davidson increased their price target on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.33.

Insider Buying and Selling at 1st Source

In other news, VP John B. Griffith sold 1,900 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the completion of the sale, the vice president owned 65,976 shares in the company, valued at approximately $4,355,075.76. The trade was a 2.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 19.55% of the stock is owned by corporate insiders.

1st Source Stock Performance

NASDAQ:SRCE opened at $67.01 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.63 billion, a P/E ratio of 10.45 and a beta of 0.64. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $71.98. The firm’s 50 day moving average is $66.58 and its two-hundred day moving average is $63.76.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 EPS for the quarter. The business had revenue of $115.39 million during the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%. Analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s dividend payout ratio (DPR) is 24.96%.

1st Source 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.