Denali Advisors LLC Sells 38,700 Shares of 1st Source Corporation $SRCE

Denali Advisors LLC lessened its stake in 1st Source Corporation (NASDAQ:SRCE) by 32.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,900 shares of the financial services provider’s stock after selling 38,700 shares during the period. Denali Advisors LLC’s holdings in 1st Source were worth $6,600,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of 1st Source during the 2nd quarter valued at $166,355,000. Deutsche Bank AG purchased a new position in 1st Source in the second quarter worth $1,618,000. 1ST Source Bank bought a new position in 1st Source in the second quarter valued at $416,946,000. Bank of New York Mellon Corp purchased a new stake in 1st Source during the second quarter valued at about $8,574,000. Finally, Empowered Funds LLC raised its position in 1st Source by 4.6% during the first quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider’s stock valued at $7,544,000 after purchasing an additional 4,776 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SRCE. DA Davidson upped their price objective on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their price objective on 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Piper Sandler boosted their target price on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Finally, Zacks Research upgraded shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.67.

Insiders Place Their Bets

In related news, CFO Brett A. Bauer sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at $2,698,750.34. This trade represents a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 20.17% of the stock is owned by corporate insiders.

1st Source Stock Performance

1st Source stock opened at $85.71 on Thursday. The firm has a fifty day simple moving average of $83.82 and a two-hundred day simple moving average of $75.62. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source Corporation has a twelve month low of $56.89 and a twelve month high of $91.46. The company has a market capitalization of $2.06 billion, a PE ratio of 13.15 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. Research analysts expect that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were issued a dividend of $0.45 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio (DPR) is currently 27.61%.

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.