Vanguard Group Inc. Acquires 122,146 Shares of 1st Source Corporation $SRCE

Vanguard Group Inc. raised its position in 1st Source Corporation (NASDAQ:SRCE) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,316,642 shares of the financial services provider’s stock after purchasing an additional 122,146 shares during the period. Vanguard Group Inc. owned 5.39% of 1st Source worth $82,277,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. CWM LLC boosted its holdings in 1st Source by 27.4% in the 4th quarter. CWM LLC now owns 6,280 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 1,352 shares during the period. Ellsworth Advisors LLC boosted its holdings in 1st Source by 6.2% in the 4th quarter. Ellsworth Advisors LLC now owns 10,846 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 630 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in 1st Source by 9.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,823 shares of the financial services provider’s stock valued at $426,000 after purchasing an additional 607 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in 1st Source in the 4th quarter valued at $295,000. Finally, JPMorgan Chase & Co. boosted its holdings in 1st Source by 40.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after purchasing an additional 22,525 shares during the period. 74.45% of the stock is owned by institutional investors.

1st Source Stock Performance

1st Source stock opened at $71.57 on Thursday. The firm’s fifty day moving average price is $70.85 and its 200-day moving average price is $66.90. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $1.72 billion, a P/E ratio of 10.98 and a beta of 0.59. 1st Source Corporation has a fifty-two week low of $56.89 and a fifty-two week high of $76.44.

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

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.43 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, May 5th. This represents a $1.72 annualized dividend and a dividend yield of 2.4%. 1st Source’s dividend payout ratio is 26.38%.

Wall Street Analyst Weigh In

Several brokerages have commented on SRCE. Weiss Ratings raised shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Piper Sandler raised their price target 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, DA Davidson reissued a “neutral” rating and issued a $74.00 price target on shares of 1st Source in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

1st Source 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.