The Manufacturers Life Insurance Company Invests $19.32 Million in 1st Source Corporation $SRCE

The Manufacturers Life Insurance Company purchased a new position in 1st Source Corporation (NASDAQ:SRCE) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 236,806 shares of the financial services provider’s stock, valued at approximately $19,319,000. The Manufacturers Life Insurance Company owned approximately 0.98% of 1st Source at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in 1st Source during the second quarter worth about $642,000. Ieq Capital LLC purchased a new stake in 1st Source in the second quarter worth about $547,000. Frazier Financial Advisors LLC bought a new position in shares of 1st Source during the second quarter valued at approximately $40,000. BlackRock Inc. bought a new position in shares of 1st Source during the second quarter valued at approximately $166,355,000. Finally, Deutsche Bank AG purchased a new position in shares of 1st Source during the second quarter valued at approximately $1,618,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Up 0.4%

Shares of 1st Source stock opened at $86.49 on Friday. The company has a 50-day simple moving average of $84.86 and a two-hundred day simple moving average of $76.34. The stock has a market capitalization of $2.08 billion, a PE ratio of 13.27 and a beta of 0.57. 1st Source Corporation has a 52-week low of $56.89 and a 52-week high of $91.46. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. On average, analysts anticipate that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

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

Insider Buying and Selling

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. This trade represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 20.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SRCE. Zacks Research raised 1st Source from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Piper Sandler raised their price objective on 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Weiss Ratings cut 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their target price on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, DA Davidson increased their target price on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.