Mirae Asset Global Investments Co. Ltd. Acquires New Stake in 1st Source Corporation $SRCE

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of 1st Source Corporation (NASDAQ:SRCE) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 16,983 shares of the financial services provider’s stock, valued at approximately $1,435,000.

A number of other hedge funds have also recently bought and sold shares of SRCE. Sterling Capital Management LLC boosted its position in 1st Source by 640.3% in the 3rd quarter. Sterling Capital Management LLC now owns 32,515 shares of the financial services provider’s stock valued at $2,748,000 after buying an additional 28,123 shares during the last quarter. Indiana Trust & Investment Management Co raised its position in shares of 1st Source by 6.3% during the third quarter. Indiana Trust & Investment Management Co now owns 29,998 shares of the financial services provider’s stock worth $2,535,000 after acquiring an additional 1,767 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of 1st Source by 66.1% during the third quarter. Nisa Investment Advisors LLC now owns 1,181 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 470 shares during the last quarter. IFP Advisors Inc raised its position in shares of 1st Source by 1,600.0% during the third quarter. IFP Advisors Inc now owns 884 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 832 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of 1st Source during the third quarter worth $682,000. 74.45% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Brett Bauer sold 500 shares of the firm’s stock in a transaction on 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 $2,698,750.34. This trade represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.17% of the stock is owned by corporate insiders.

1st Source Trading Down 0.5%

Shares of NASDAQ SRCE opened at $86.94 on Friday. 1st Source Corporation has a fifty-two week low of $59.54 and a fifty-two week high of $91.46. The firm has a market capitalization of $2.09 billion, a P/E ratio of 11.73 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50 day simple moving average is $86.23 and its 200 day simple moving average is $78.29.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 22nd. The financial services provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.20. The firm had revenue of $118.83 million during the quarter, compared to analyst estimates of $118.11 million. 1st Source had a net margin of 28.85% and a return on equity of 13.57%. On average, analysts predict that 1st Source Corporation will post 7.62 EPS for the current year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, November 3rd will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. 1st Source’s dividend payout ratio is 24.29%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SRCE shares. Keefe, Bruyette & Woods upped their price target on 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Zacks Research lowered 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Weiss Ratings raised 1st Source from a “buy (a-)” rating to a “buy (a)” rating in a report on Tuesday, October 27th. DA Davidson boosted their price objective on 1st Source from $87.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, October 27th. Finally, Piper Sandler restated an “overweight” rating and set a $105.00 target price (up from $100.00) on shares of 1st Source in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, 1st Source currently has a consensus rating of “Moderate Buy” and an average price target of $91.67.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.