Denali Advisors LLC Increases Stock Holdings in 1st Source Corporation $SRCE

Denali Advisors LLC lifted its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 0.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,051 shares of the financial services provider’s stock after acquiring an additional 500 shares during the quarter. Denali Advisors LLC’s holdings in 1st Source were worth $6,521,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nuveen LLC purchased a new stake in 1st Source in the first quarter worth $7,012,000. Allspring Global Investments Holdings LLC bought a new stake in 1st Source during the first quarter valued at $398,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in 1st Source by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider’s stock valued at $831,000 after buying an additional 1,544 shares during the period. Cerity Partners LLC bought a new stake in 1st Source during the first quarter valued at $610,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in 1st Source during the first quarter valued at $676,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Zacks Research lowered 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. DA Davidson lifted their price objective on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $69.00 price objective (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler lifted their price objective on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.00.

1st Source Stock Up 0.8%

SRCE opened at $59.65 on Wednesday. The company has a market cap of $1.46 billion, a P/E ratio of 10.45 and a beta of 0.67. The business’s 50-day moving average price is $62.15 and its 200-day moving average price is $60.99. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.49 by $0.02. The firm had revenue of $108.25 million for the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. On average, equities analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a $0.38 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. 1st Source’s payout ratio is currently 26.62%.

1st Source Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.