Kennedy Capital Management LLC Increases Stock Position in 1st Source Corporation $SRCE

Kennedy Capital Management LLC grew its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 19.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 318,733 shares of the financial services provider’s stock after buying an additional 52,787 shares during the period. Kennedy Capital Management LLC’s holdings in 1st Source were worth $19,918,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Barclays PLC grew its stake in shares of 1st Source by 22.0% during the 4th quarter. Barclays PLC now owns 50,498 shares of the financial services provider’s stock valued at $3,156,000 after buying an additional 9,097 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 1st Source by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after buying an additional 8,614 shares during the period. Ieq Capital LLC grew its stake in shares of 1st Source by 50.4% during the 4th quarter. Ieq Capital LLC now owns 7,960 shares of the financial services provider’s stock valued at $497,000 after buying an additional 2,667 shares during the period. Wells Fargo & Company MN grew its stake in shares of 1st Source by 93.8% during the 4th quarter. Wells Fargo & Company MN now owns 75,962 shares of the financial services provider’s stock valued at $4,747,000 after buying an additional 36,760 shares during the period. Finally, Rossby Financial LCC acquired a new position in shares of 1st Source during the 4th quarter valued at $50,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of SRCE stock opened at $78.52 on Friday. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $78.80. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.89 billion, a P/E ratio of 12.04 and a beta of 0.59. The company’s fifty day moving average price is $73.68 and its two-hundred day moving average price is $68.98.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). The company had revenue of $112.25 million during the quarter, compared to analyst estimates of $111.88 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. On average, research analysts anticipate that 1st Source Corporation will post 6.78 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is currently 26.38%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. DA Davidson restated a “neutral” rating and set a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. Piper Sandler lifted their target price on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.