1st Source Corporation $SRCE Shares Bought by SG Americas Securities LLC

SG Americas Securities LLC raised its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 191.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,378 shares of the financial services provider’s stock after purchasing an additional 21,254 shares during the quarter. SG Americas Securities LLC owned 0.13% of 1st Source worth $2,241,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SRCE. JPMorgan Chase & Co. boosted its position in 1st Source by 40.3% in the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after buying an additional 22,525 shares during the last quarter. CM Management LLC purchased a new position in 1st Source during the 4th quarter worth approximately $1,094,000. American Century Companies Inc. lifted its stake in 1st Source by 30.7% during the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after acquiring an additional 79,614 shares during the period. Denali Advisors LLC lifted its stake in 1st Source by 10.2% during the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock valued at $7,536,000 after acquiring an additional 11,200 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of 1st Source by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after acquiring an additional 122,146 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $83.31 on Thursday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of 12.78 and a beta of 0.57. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $86.64. The firm’s 50 day simple moving average is $75.32 and its 200-day simple moving average is $70.45. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million during the quarter, compared to analyst estimates of $111.88 million. Analysts expect that 1st Source Corporation will post 6.81 EPS for the current year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s dividend payout ratio is currently 26.38%.

Analyst Ratings Changes

Several brokerages recently issued reports on SRCE. DA Davidson reissued a “neutral” rating and set a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. Piper Sandler increased their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, 1st Source currently has an average rating of “Moderate Buy” and an average price target of $77.00.

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.