The Manufacturers Life Insurance Company Takes Position in 1st Source Corporation $SRCE

The Manufacturers Life Insurance Company purchased a new position in 1st Source Corporation (NASDAQ:SRCE) in the second quarter, Holdings Channel.com reports. The firm purchased 236,806 shares of the financial services provider’s stock, valued at approximately $19,319,000.

Several other hedge funds have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its position in 1st Source by 562.1% during 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 bought a new stake in 1st Source in the 2nd quarter worth approximately $40,000. Quarry LP grew its position in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 610 shares during the period. Rossby Financial LCC purchased a new stake in 1st Source during the 4th quarter valued at $50,000. Finally, Tower Research Capital LLC TRC raised its stake in 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 buying an additional 1,368 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Up 0.4%

Shares of SRCE stock opened at $86.49 on Friday. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $91.46. The stock has a market cap of $2.08 billion, a P/E ratio of 13.27 and a beta of 0.57. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $84.86 and a two-hundred day simple moving average of $76.34.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.24. The business had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. On average, research analysts expect that 1st Source Corporation will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date was Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is presently 27.61%.

Insiders Place Their Bets

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 20.17% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.