UBS Group AG Lowers Holdings in 1st Source Corporation $SRCE

UBS Group AG trimmed its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 49.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 122,650 shares of the financial services provider’s stock after selling 120,980 shares during the period. UBS Group AG owned about 0.50% of 1st Source worth $7,664,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Engineers Gate Manager LP lifted its position in shares of 1st Source by 8.9% during the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after buying an additional 304 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares in the last quarter. Zacks Investment Management raised its position in shares of 1st Source by 4.2% during the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 388 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 1st Source by 4.5% during 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 purchasing an additional 467 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in 1st Source by 8.7% in the 3rd quarter. Fifth Third Bancorp now owns 6,340 shares of the financial services provider’s stock valued at $390,000 after buying an additional 507 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on SRCE. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. DA Davidson restated a “neutral” rating and issued a $74.00 target price on shares of 1st Source in a research report on Monday, April 27th. Finally, Piper Sandler boosted their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

1st Source Stock Performance

SRCE opened at $72.20 on Tuesday. The firm has a market capitalization of $1.74 billion, a PE ratio of 11.07 and a beta of 0.59. 1st Source Corporation has a twelve month low of $56.89 and a twelve month high of $76.44. The firm’s 50-day moving average price is $71.06 and its 200 day moving average price is $67.14. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The business had revenue of $112.25 million during the quarter, compared to analyst estimates of $111.88 million. As a group, sell-side analysts expect that 1st Source Corporation will post 6.78 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.43 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, May 5th. 1st Source’s payout ratio is 26.38%.

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.