Edgestream Partners L.P. Boosts Stock Holdings in 1st Source Corporation $SRCE

Edgestream Partners L.P. raised its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 226.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,833 shares of the financial services provider’s stock after purchasing an additional 29,732 shares during the period. Edgestream Partners L.P.’s holdings in 1st Source were worth $2,964,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of SRCE. Janus Henderson Group PLC raised its stake in shares of 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after buying an additional 125,248 shares during the period. Vanguard Group Inc. grew its stake 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 worth $82,277,000 after acquiring an additional 122,146 shares during the period. UBS Group AG grew its stake in shares of 1st Source by 54.9% during the 3rd quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock worth $14,998,000 after acquiring an additional 86,322 shares during the period. Qube Research & Technologies Ltd increased its holdings in 1st Source by 95.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider’s stock worth $10,031,000 after acquiring an additional 78,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in 1st Source by 52.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 168,703 shares of the financial services provider’s stock worth $10,542,000 after acquiring an additional 58,135 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SRCE shares. Piper Sandler boosted 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. Zacks Research raised shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Weiss Ratings lowered shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. Keefe, Bruyette & Woods upped 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 note on Monday, July 27th. Finally, DA Davidson raised their price objective on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. 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. According to data from MarketBeat, 1st Source presently has an average rating of “Moderate Buy” and a consensus target price of $89.67.

1st Source Price Performance

SRCE stock opened at $89.74 on Friday. The stock has a 50-day simple moving average of $80.19 and a two-hundred day simple moving average of $73.45. 1st Source Corporation has a twelve month low of $56.89 and a twelve month high of $91.46. The firm has a market capitalization of $2.16 billion, a PE ratio of 13.76 and a beta of 0.58. 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 announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $114.13 million. On average, equities analysts predict that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 annualized dividend and a yield of 2.0%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio is currently 26.38%.

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.