CM Management LLC Invests $1.09 Million in 1st Source Corporation $SRCE

CM Management LLC purchased a new position in 1st Source Corporation (NASDAQ:SRCE) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 17,500 shares of the financial services provider’s stock, valued at approximately $1,094,000.

A number of other large investors have also recently made changes to their positions in SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 1st Source by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock worth $653,000 after acquiring an additional 467 shares during the period. Millennium Management LLC boosted its holdings in shares of 1st Source by 18.9% in the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock worth $14,502,000 after acquiring an additional 38,610 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 1st Source by 29.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider’s stock worth $1,977,000 after acquiring an additional 7,456 shares during the period. Creative Planning bought a new position in shares of 1st Source in the second quarter worth $284,000. Finally, Norges Bank bought a new position in shares of 1st Source in the second quarter worth $855,000. 74.45% of the stock is owned by institutional investors.

1st Source Trading Up 0.4%

Shares of SRCE stock opened at $73.86 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. 1st Source Corporation has a 52-week low of $56.89 and a 52-week high of $76.44. The company has a market capitalization of $1.78 billion, a PE ratio of 11.33 and a beta of 0.59. The business’s fifty day moving average is $70.23 and its 200 day moving average is $66.17.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data 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). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The business had revenue of $112.25 million during the quarter, compared to analysts’ expectations of $111.88 million. On average, equities research analysts anticipate that 1st Source Corporation will post 6.78 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Tuesday, May 5th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, May 5th. 1st Source’s dividend payout ratio (DPR) is 24.54%.

Analyst Ratings Changes

A number of equities analysts have recently commented on SRCE shares. Piper Sandler raised their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. DA Davidson reiterated a “neutral” rating and issued a $74.00 price objective on shares of 1st Source in a research report on Monday, April 27th. Finally, Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.