1st Source Corporation $SRCE Stake Boosted by Denali Advisors LLC

Denali Advisors LLC grew its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 10.2% during the 4th quarter, HoldingsChannel reports. The fund owned 120,600 shares of the financial services provider’s stock after acquiring an additional 11,200 shares during the period. 1st Source accounts for 0.8% of Denali Advisors LLC’s holdings, making the stock its 26th biggest position. Denali Advisors LLC’s holdings in 1st Source were worth $7,536,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 1st Source by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock valued at $653,000 after acquiring an additional 467 shares in the last quarter. Millennium Management LLC grew its holdings in shares of 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 acquiring an additional 38,610 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of 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 valued at $1,977,000 after acquiring an additional 7,456 shares in the last quarter. Creative Planning purchased a new position in shares of 1st Source during the 2nd quarter valued at $284,000. Finally, Norges Bank purchased a new position in shares of 1st Source during the 2nd quarter valued at $855,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SRCE shares. Piper Sandler upped their price objective on shares of 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 report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

1st Source Stock Up 0.2%

SRCE stock opened at $73.79 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick 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 50-day moving average of $70.51 and a two-hundred day moving average of $66.53. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 11.32 and a beta of 0.59.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results 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 net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million for the quarter, compared to the consensus estimate of $111.88 million. As a group, equities research analysts anticipate that 1st Source Corporation will post 6.78 EPS for the current year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be given a dividend of $0.43 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 5th. 1st Source’s dividend payout ratio (DPR) is currently 26.38%.

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.