1st Source Corporation $SRCE Position Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 40.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,426 shares of the financial services provider’s stock after purchasing an additional 22,525 shares during the quarter. JPMorgan Chase & Co.’s holdings in 1st Source were worth $4,828,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Engineers Gate Manager LP increased its position in 1st Source by 8.9% in the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after buying an additional 304 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 371 shares during the period. Zacks Investment Management grew its position in shares of 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 acquiring an additional 388 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 1st Source by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock worth $653,000 after acquiring an additional 467 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of 1st Source by 8.7% in the 3rd quarter. Fifth Third Bancorp now owns 6,340 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 507 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Trading Up 0.6%

NASDAQ:SRCE opened at $70.68 on Friday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 11.03 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $71.98. The business has a fifty day moving average of $68.41 and a 200-day moving average of $64.52.

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

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s payout ratio is 24.96%.

Wall Street Analysts Forecast Growth

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

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.