Midwest Trust Co Invests $775,000 in 1st Source Corporation $SRCE

Midwest Trust Co purchased a new position in 1st Source Corporation (NASDAQ:SRCE) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,478 shares of the financial services provider’s stock, valued at approximately $775,000. Midwest Trust Co owned 0.05% of 1st Source at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in 1st Source by 3.6% during the first quarter. Principal Financial Group Inc. now owns 12,526 shares of the financial services provider’s stock valued at $749,000 after purchasing an additional 430 shares during the period. Cerity Partners LLC bought a new stake in shares of 1st Source in the first quarter valued at about $610,000. Victory Capital Management Inc. boosted its stake in shares of 1st Source by 13.8% during the first quarter. Victory Capital Management Inc. now owns 9,829 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 1,193 shares in the last quarter. Legato Capital Management LLC increased its holdings in shares of 1st Source by 7.4% in the 1st quarter. Legato Capital Management LLC now owns 27,258 shares of the financial services provider’s stock valued at $1,630,000 after acquiring an additional 1,878 shares during the period. Finally, Picton Mahoney Asset Management raised its holdings in 1st Source by 265.1% in the first quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider’s stock worth $414,000 after purchasing an additional 5,042 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. DA Davidson raised their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $69.00 target price (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler boosted their price target on shares of 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Wednesday, October 8th. Finally, Zacks Research cut shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, 1st Source presently has a consensus rating of “Hold” and a consensus target price of $72.67.

1st Source Stock Performance

Shares of SRCE stock opened at $61.47 on Wednesday. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. The firm’s 50 day moving average price is $61.33 and its 200-day moving average price is $61.60. The firm has a market cap of $1.50 billion, a P/E ratio of 10.23 and a beta of 0.70.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.12. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. The business had revenue of $110.26 million for the quarter, compared to analysts’ expectations of $109.46 million. As a group, equities research analysts predict that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Tuesday, November 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.38. 1st Source’s dividend payout ratio (DPR) is currently 26.62%.

About 1st Source

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.