Ieq Capital LLC Makes New $547,000 Investment in 1st Source Corporation $SRCE

Ieq Capital LLC bought a new position in 1st Source Corporation (NASDAQ:SRCE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,705 shares of the financial services provider’s stock, valued at approximately $547,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its stake in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after buying an additional 371 shares during the last quarter. Frazier Financial Advisors LLC bought a new position in shares of 1st Source in the 2nd quarter valued at $40,000. Quarry LP lifted 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 acquiring an additional 610 shares during the last quarter. Rossby Financial LCC bought a new position in shares of 1st Source in the 4th quarter valued at $50,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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 acquiring an additional 1,368 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SRCE has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their price objective on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. DA Davidson boosted their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Piper Sandler upped their price objective 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 issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, 1st Source currently has an average rating of “Moderate Buy” and a consensus price target of $89.67.

1st Source Stock Down 0.1%

Shares of NASDAQ:SRCE opened at $86.41 on Friday. The firm has a market cap of $2.08 billion, a P/E 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 business has a fifty day simple moving average of $85.05 and a 200 day simple moving average of $76.41. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS 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 firm had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. Analysts predict 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. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, August 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio (DPR) is 27.61%.

Insider Transactions at 1st Source

In other 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 value of $43,945.00. Following the transaction, the chief financial officer owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.17% of the company’s stock.

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.