Deutsche Bank AG Invests $1.62 Million in 1st Source Corporation $SRCE

Deutsche Bank AG purchased a new position in 1st Source Corporation (NASDAQ:SRCE) during the second quarter, HoldingsChannel reports. The firm purchased 19,839 shares of the financial services provider’s stock, valued at approximately $1,618,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 371 shares in the last quarter. Quarry LP grew its stake in 1st Source by 1,694.4% in the third quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 610 shares in the last quarter. Rossby Financial LCC bought a new stake in 1st Source during the 4th quarter valued at $50,000. Tower Research Capital LLC TRC raised its position in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of 1st Source in the 4th quarter worth $128,000. Institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 0.1%

SRCE opened at $86.41 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 13.25 and a beta of 0.57. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $91.46. The stock has a fifty day moving average price of $85.05 and a 200-day moving average price of $76.41.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The company had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. As a group, equities research analysts anticipate that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were issued a $0.45 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio (DPR) is 27.61%.

Insider Activity

In related news, CFO Brett A. Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the transaction, the chief financial officer owned 30,706 shares in the company, valued at $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 20.17% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Piper Sandler increased their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. DA Davidson raised their target price on shares of 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Zacks Research upgraded shares of 1st Source from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, 1st Source currently has an average rating of “Moderate Buy” and a consensus target price of $89.67.

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.