481,186 Shares in 1st Source Corporation $SRCE Acquired by Jupiter Topco LLC

Jupiter Topco LLC acquired a new position in shares of 1st Source Corporation (NASDAQ:SRCE) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 481,186 shares of the financial services provider’s stock, valued at approximately $39,286,000.

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 holdings in shares of 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares during the period. Frazier Financial Advisors LLC acquired a new position in 1st Source in the 2nd quarter valued at about $40,000. Quarry LP grew its stake in shares of 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after buying an additional 610 shares during the period. Rossby Financial LCC purchased a new stake in shares of 1st Source in the 4th quarter valued at approximately $50,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of 1st Source by 435.7% in 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 buying an additional 1,368 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

Insider Activity at 1st Source

In other news, CFO Brett A. Bauer sold 500 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was 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 directly owned 30,706 shares in the company, valued at $2,698,750.34. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 20.17% of the stock is currently owned by corporate insiders.

1st Source Price Performance

1st Source stock opened at $86.49 on Friday. The company’s 50 day simple moving average is $84.86 and its 200-day simple moving average is $76.34. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $91.46. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 13.27 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The firm had revenue of $118.16 million during the quarter, compared to analysts’ expectations of $114.13 million. As a group, equities research analysts expect that 1st Source Corporation will post 7.26 earnings per share for the current 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 given a dividend of $0.45 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is 27.61%.

Analyst Ratings Changes

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

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.