Kennedy Capital Management LLC Has $16.37 Million Stock Position in 1st Source Corporation $SRCE

Kennedy Capital Management LLC lessened its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 4.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 265,946 shares of the financial services provider’s stock after selling 12,883 shares during the quarter. Kennedy Capital Management LLC owned approximately 1.09% of 1st Source worth $16,372,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Engineers Gate Manager LP increased its holdings in 1st Source by 8.9% in the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after buying an additional 304 shares during the period. Envestnet Asset Management Inc. increased its stake in 1st Source by 3.8% in the second quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 317 shares during the period. EverSource Wealth Advisors LLC raised its position in 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares in the last quarter. Isthmus Partners LLC lifted its stake in 1st Source by 0.8% during the second quarter. Isthmus Partners LLC now owns 55,541 shares of the financial services provider’s stock worth $3,447,000 after purchasing an additional 459 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 valued at $653,000 after purchasing an additional 467 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Piper Sandler boosted their price target on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, DA Davidson increased their price objective on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, 1st Source currently has a consensus rating of “Hold” and a consensus price target of $75.33.

1st Source Trading Up 0.0%

SRCE traded up $0.01 during mid-day trading on Friday, reaching $67.84. The stock had a trading volume of 19,917 shares, compared to its average volume of 115,817. The firm’s fifty day simple moving average is $67.32 and its two-hundred day simple moving average is $64.12. The stock has a market capitalization of $1.65 billion, a P/E ratio of 10.58 and a beta of 0.63. 1st Source Corporation has a 52 week low of $52.14 and a 52 week high of $71.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96.

1st Source (NASDAQ:SRCE) last released its earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. The company had revenue of $115.39 million during the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%. On average, equities analysts predict that 1st Source Corporation will post 5.82 EPS 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 given a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. 1st Source’s payout ratio is currently 24.96%.

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.