Dean Capital Management Sells 8,233 Shares of 1st Source Corporation $SRCE

Dean Capital Management decreased its holdings in 1st Source Corporation (NASDAQ:SRCE) by 19.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,023 shares of the financial services provider’s stock after selling 8,233 shares during the quarter. Dean Capital Management’s holdings in 1st Source were worth $2,094,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SRCE. Engineers Gate Manager LP boosted its position in shares of 1st Source by 8.9% during the 2nd 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 in the last quarter. Envestnet Asset Management Inc. raised its position in 1st Source by 3.8% in the second quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 317 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in 1st Source by 562.1% during the second 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. Zacks Investment Management lifted its stake in 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 388 shares during the period. Finally, Isthmus Partners LLC boosted its holdings in 1st Source by 0.8% during the second quarter. Isthmus Partners LLC now owns 55,541 shares of the financial services provider’s stock valued at $3,447,000 after purchasing an additional 459 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Piper Sandler boosted their price target on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, DA Davidson upped their price target on 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $75.33.

1st Source Stock Down 0.1%

Shares of NASDAQ SRCE opened at $67.78 on Monday. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $71.98. The firm’s 50-day simple moving average is $67.43 and its 200 day simple moving average is $64.14. 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 $1.65 billion, a price-to-earnings ratio of 10.57 and a beta of 0.63.

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

1st Source Announces Dividend

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

About 1st Source

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.