Semanteon Capital Management LP Takes $570,000 Position in 1st Source Corporation $SRCE

Semanteon Capital Management LP purchased a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 9,257 shares of the financial services provider’s stock, valued at approximately $570,000. 1st Source comprises 0.7% of Semanteon Capital Management LP’s investment portfolio, making the stock its 24th largest position.

Several other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in shares of 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 buying an additional 371 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of 1st Source during the 3rd quarter valued at $60,000. Tower Research Capital LLC TRC boosted its holdings in shares of 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,368 shares during the last quarter. Curi Capital LLC bought a new position in 1st Source during the second quarter valued at about $205,000. Finally, Engineers Gate Manager LP increased its holdings in 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 worth $231,000 after buying an additional 304 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

NASDAQ:SRCE opened at $70.59 on Friday. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $71.98. 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 stock has a market cap of $1.72 billion, a P/E ratio of 11.01 and a beta of 0.64. The business’s 50-day moving average price is $66.36 and its two-hundred day moving average price is $63.43.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter. The company 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%. As a group, equities analysts predict that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

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

Insiders Place Their Bets

In related news, VP John B. Griffith sold 1,900 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the transaction, the vice president directly owned 65,976 shares in the company, valued at $4,355,075.76. This trade represents a 2.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

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.