1st Source Co. (NASDAQ:SRCE) Shares Sold by Kennedy Capital Management LLC

Kennedy Capital Management LLC lessened its position in shares of 1st Source Co. (NASDAQ:SRCE) by 18.2% in the first quarter, Holdings Channel.com reports. The fund owned 161,541 shares of the financial services provider’s stock after selling 35,857 shares during the quarter. Kennedy Capital Management LLC’s holdings in 1st Source were worth $8,468,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of 1st Source by 4.4% during the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after acquiring an additional 39,514 shares in the last quarter. Boston Trust Walden Corp boosted its position in shares of 1st Source by 5.3% in the fourth quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock worth $24,138,000 after buying an additional 22,176 shares during the period. Isthmus Partners LLC grew its stake in shares of 1st Source by 41.3% in the first quarter. Isthmus Partners LLC now owns 64,977 shares of the financial services provider’s stock valued at $3,406,000 after buying an additional 18,976 shares in the last quarter. Indiana Trust & Investment Management CO raised its holdings in shares of 1st Source by 68.9% during the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock valued at $2,450,000 after buying an additional 18,187 shares during the period. Finally, Denali Advisors LLC lifted its position in 1st Source by 31.0% during the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after acquiring an additional 16,900 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SRCE shares. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $60.00 to $67.50 in a research report on Monday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $62.00 price target (up from $54.00) on shares of 1st Source in a report on Monday.

Insider Transactions at 1st Source

In other news, Director Daniel B. Fitzpatrick bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the transaction, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the sale, the executive vice president now owns 68,327 shares in the company, valued at $3,473,744.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel B. Fitzpatrick bought 1,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, with a total value of $49,650.00. Following the completion of the purchase, the director now owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The disclosure for this purchase can be found here. Corporate insiders own 19.30% of the company’s stock.

1st Source Stock Up 1.7 %

SRCE traded up $1.06 on Tuesday, reaching $64.53. The company’s stock had a trading volume of 117,263 shares, compared to its average volume of 70,525. 1st Source Co. has a 1 year low of $40.96 and a 1 year high of $65.63. The business’s 50 day moving average is $53.73 and its 200 day moving average is $51.88. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 12.93 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The company had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same period in the prior year, the business posted $1.30 EPS. As a group, research analysts forecast that 1st Source Co. will post 4.84 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be issued a dividend of $0.36 per share. This is a positive change from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.23%. The ex-dividend date is Monday, August 5th. 1st Source’s dividend payout ratio (DPR) is currently 27.36%.

1st Source Profile

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.