1st Source (NASDAQ:SRCE) CFO Brett Bauer Sells 500 Shares of Stock

1st Source Corporation (NASDAQ:SRCE) CFO Brett Bauer sold 500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the transaction, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This represents a 1.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

1st Source Trading Down 0.8%

NASDAQ:SRCE opened at $87.33 on Tuesday. The firm has a market capitalization of $2.10 billion, a P/E ratio of 13.39 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. 1st Source Corporation has a one year low of $56.89 and a one year high of $91.46. The company’s 50-day simple moving average is $82.06 and its 200 day simple moving average is $74.56.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. As a group, analysts forecast that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a dividend of $0.45 per share. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a 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%.

Hedge Funds Weigh In On 1st Source

A number of institutional investors and hedge funds have recently made changes to their positions in SRCE. 1ST Source Bank purchased a new stake in 1st Source during the second quarter valued at approximately $416,946,000. BlackRock Inc. bought a new stake in shares of 1st Source during the 2nd quarter valued at $166,355,000. Vanguard Group Inc. grew its position in shares of 1st Source by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after acquiring an additional 122,146 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of 1st Source by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock worth $43,155,000 after purchasing an additional 8,614 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock worth $31,173,000 after purchasing an additional 14,643 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on SRCE shares. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings downgraded shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 28th. Piper Sandler boosted their price objective 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 upped their price objective on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given 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.

About 1st Source

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.