UBS Group AG Trims Position in 1st Source Corporation $SRCE

UBS Group AG lowered its position in 1st Source Corporation (NASDAQ:SRCE) by 49.7% in the fourth quarter, HoldingsChannel reports. The firm owned 122,650 shares of the financial services provider’s stock after selling 120,980 shares during the period. UBS Group AG’s holdings in 1st Source were worth $7,664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after purchasing an additional 122,146 shares during the period. American Century Companies Inc. boosted its holdings in 1st Source by 30.7% in 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 purchasing an additional 79,614 shares during the last quarter. Millennium Management LLC grew its stake in shares of 1st Source by 18.9% in the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after buying an additional 38,610 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of 1st Source by 4.5% in the 3rd quarter. Bridgeway Capital Management LLC now owns 216,629 shares of the financial services provider’s stock valued at $13,336,000 after buying an additional 9,421 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in shares of 1st Source by 3.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 167,192 shares of the financial services provider’s stock worth $10,292,000 after buying an additional 5,590 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Price Performance

1st Source stock opened at $72.20 on Tuesday. The company’s 50 day simple moving average is $71.06 and its 200-day simple moving average is $67.14. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $76.44. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 11.07 and a beta of 0.59.

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 analysts’ consensus estimates 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 return on equity of 12.39% and a net margin of 26.66%. As a group, equities research analysts expect that 1st Source Corporation will post 6.78 earnings per share for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.43 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.4%. 1st Source’s payout ratio is presently 26.38%.

Wall Street Analyst Weigh In

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