Kelman Lazarov Inc. Invests $1.44 Million in 1st Source Corporation $SRCE

Kelman Lazarov Inc. purchased a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 23,419 shares of the financial services provider’s stock, valued at approximately $1,442,000.

A number of other institutional investors have also recently added to or reduced their stakes in SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 1st Source by 4.5% during 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 last quarter. Millennium Management LLC grew its stake in 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after purchasing an additional 38,610 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 1st Source by 29.1% during the 1st 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 purchasing an additional 7,456 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of 1st Source by 3.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 317 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of 1st Source by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 122,739 shares of the financial services provider’s stock valued at $7,618,000 after buying an additional 1,658 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Insider Activity at 1st Source

In other news, VP John B. Griffith sold 1,900 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the transaction, the vice president directly owned 65,976 shares of the company’s stock, valued at approximately $4,355,075.76. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SRCE shares. Piper Sandler lifted their price target on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. Finally, DA Davidson upped their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $75.33.

1st Source Trading Down 3.4%

Shares of NASDAQ:SRCE opened at $67.01 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average price is $66.58 and its 200 day moving average price is $63.76. The company has a market cap of $1.63 billion, a PE ratio of 10.45 and a beta of 0.64. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $71.98.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.67 EPS for the quarter. The company had revenue of $115.39 million for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. Sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. 1st Source’s dividend payout ratio is presently 24.96%.

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.