SG Americas Securities LLC Boosts Stock Position in 1st Source Corporation $SRCE

SG Americas Securities LLC lifted its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 191.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,378 shares of the financial services provider’s stock after buying an additional 21,254 shares during the quarter. SG Americas Securities LLC’s holdings in 1st Source were worth $2,241,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in 1st Source by 10.2% in the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 1st Source by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after purchasing an additional 8,614 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 1st Source by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock valued at $31,173,000 after purchasing an additional 14,643 shares during the period. American Century Companies Inc. grew its position in shares of 1st Source by 30.7% in the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after purchasing an additional 79,614 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of 1st Source by 49.3% during the fourth quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock worth $20,965,000 after purchasing an additional 110,711 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Trading Up 2.1%

Shares of SRCE opened at $83.31 on Thursday. 1st Source Corporation has a 52-week low of $56.89 and a 52-week high of $86.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average is $75.32 and its two-hundred day moving average is $70.45. The stock has a market cap of $2.01 billion, a PE ratio of 12.78 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). The business had revenue of $112.25 million for the quarter, compared to analysts’ expectations of $111.88 million. 1st Source had a return on equity of 12.39% and a net margin of 26.66%. Research analysts forecast that 1st Source Corporation will post 6.81 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a dividend of $0.43 per share. The ex-dividend date was Tuesday, May 5th. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is presently 26.38%.

Analyst Ratings Changes

Several research firms recently weighed in on SRCE. DA Davidson restated a “neutral” rating and set a $74.00 price target on shares of 1st Source in a research report on Monday, April 27th. Piper Sandler lifted their price objective on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, 1st Source has a consensus rating of “Moderate Buy” and an average target price of $77.00.

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.