Brett Bauer Sells 500 Shares of 1st Source (NASDAQ:SRCE) Stock

1st Source Corporation (NASDAQ:SRCE) CFO Brett Bauer sold 500 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

1st Source Stock Up 0.9%

1st Source stock opened at $88.08 on Wednesday. 1st Source Corporation has a fifty-two week low of $56.89 and a fifty-two 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. The company has a market capitalization of $2.12 billion, a P/E ratio of 13.51 and a beta of 0.57. The stock has a 50-day simple moving average of $82.34 and a 200-day simple moving average of $74.71.

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

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This is an increase from 1st Source’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. 1st Source’s dividend payout ratio is currently 27.61%.

Hedge Funds Weigh In On 1st Source

Several institutional investors have recently bought and sold shares of SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 1st Source by 4.5% in the 1st 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 raised its holdings in 1st Source by 18.9% during the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock worth $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 raised its holdings in 1st Source by 29.1% during 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 purchasing an additional 7,456 shares in the last quarter. Creative Planning acquired a new stake in 1st Source in the second quarter valued at about $284,000. Finally, Norges Bank acquired a new stake in 1st Source in the second quarter valued at about $855,000. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Weiss Ratings downgraded shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 28th. Zacks Research upgraded shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Piper Sandler increased their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Finally, DA Davidson raised their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, 1st Source currently has a consensus 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.