1st Source Co. (NASDAQ:SRCE) Shares Acquired by Denali Advisors LLC

Denali Advisors LLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 47.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,100 shares of the financial services provider’s stock after acquiring an additional 33,600 shares during the period. 1st Source makes up 1.5% of Denali Advisors LLC’s holdings, making the stock its 22nd biggest holding. Denali Advisors LLC owned approximately 0.43% of 1st Source worth $5,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of 1st Source by 11.5% in the fourth quarter. Principal Financial Group Inc. now owns 5,726 shares of the financial services provider’s stock valued at $315,000 after purchasing an additional 589 shares in the last quarter. Frazier Financial Advisors LLC purchased a new position in 1st Source in the fourth quarter worth approximately $27,000. Hsbc Holdings PLC lifted its stake in 1st Source by 6.0% in the fourth quarter. Hsbc Holdings PLC now owns 23,767 shares of the financial services provider’s stock worth $1,311,000 after acquiring an additional 1,338 shares during the last quarter. Isthmus Partners LLC lifted its stake in 1st Source by 13.5% in the fourth quarter. Isthmus Partners LLC now owns 46,001 shares of the financial services provider’s stock worth $2,528,000 after acquiring an additional 5,479 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its stake in 1st Source by 190.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock worth $1,297,000 after acquiring an additional 15,473 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SRCE shares. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

1st Source Stock Up 0.5 %

Shares of NASDAQ:SRCE opened at $59.64 on Tuesday. The company has a market capitalization of $1.46 billion, a PE ratio of 12.00 and a beta of 0.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. 1st Source Co. has a twelve month low of $40.96 and a twelve month high of $65.63. The firm has a 50 day simple moving average of $59.44 and a 200-day simple moving average of $53.85.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. The business had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same quarter in the previous year, the firm earned $1.30 EPS. On average, equities analysts predict that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Monday, August 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s payout ratio is currently 28.97%.

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.