Denali Advisors LLC Acquires 16,900 Shares of 1st Source Co. (NASDAQ:SRCE)

Denali Advisors LLC grew its position in shares of 1st Source Co. (NASDAQ:SRCE) by 31.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,500 shares of the financial services provider’s stock after acquiring an additional 16,900 shares during the quarter. Denali Advisors LLC’s holdings in 1st Source were worth $3,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Frazier Financial Advisors LLC bought a new stake in 1st Source in the 4th quarter valued at about $27,000. PNC Financial Services Group Inc. increased its position in shares of 1st Source by 10.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the period. SG Americas Securities LLC bought a new stake in shares of 1st Source during the fourth quarter valued at about $188,000. Harbour Trust & Investment Management Co bought a new stake in shares of 1st Source during the fourth quarter valued at about $218,000. Finally, Handelsbanken Fonder AB bought a new stake in shares of 1st Source during the fourth quarter valued at about $228,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at 1st Source

In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at $3,473,744.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Daniel B. Fitzpatrick bought 1,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were acquired at an average cost of $49.65 per share, with a total value of $49,650.00. Following the completion of the transaction, the director now owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the transaction, the executive vice president now directly owns 68,327 shares in the company, valued at $3,473,744.68. The disclosure for this sale can be found here. 19.44% of the stock is currently owned by insiders.

1st Source Trading Down 2.5 %

SRCE stock traded down $1.35 on Wednesday, reaching $52.96. The company’s stock had a trading volume of 23,769 shares, compared to its average volume of 62,565. The business has a fifty day simple moving average of $51.11 and a two-hundred day simple moving average of $51.31. 1st Source Co. has a 12-month low of $40.96 and a 12-month high of $56.59. The firm has a market cap of $1.30 billion, a PE ratio of 10.93 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The company had revenue of $138.62 million during the quarter, compared to analyst estimates of $93.30 million. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. During the same quarter last year, the firm posted $1.25 earnings per share. As a group, research analysts forecast that 1st Source Co. will post 4.84 EPS for the current year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.57%. 1st Source’s payout ratio is presently 27.36%.

Analyst Ratings Changes

Separately, Piper Sandler upped their price target on 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, April 29th.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.