Principal Financial Group Inc. Purchases New Shares in 1st Source Corporation $SRCE

Principal Financial Group Inc. purchased a new position in 1st Source Corporation (NASDAQ:SRCE) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 23,524 shares of the financial services provider’s stock, valued at approximately $1,628,000.

A number of other large investors also recently added to or reduced their stakes in SRCE. Russell Investments Group Ltd. grew its position in shares of 1st Source by 1.2% in the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock valued at $1,043,000 after purchasing an additional 206 shares during the period. Engineers Gate Manager LP raised 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 worth $231,000 after purchasing an additional 304 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after buying an additional 371 shares in the last quarter. Zacks Investment Management boosted its holdings in 1st Source by 4.2% in the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after buying an additional 388 shares during the last quarter. Finally, Man Group plc boosted its holdings in 1st Source by 3.6% in the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after buying an additional 413 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Stock Down 0.6%

Shares of SRCE opened at $89.74 on Friday. 1st Source Corporation has a 52-week low of $56.89 and a 52-week high of $91.46. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $79.87 and a two-hundred day simple moving average of $73.34. The company has a market capitalization of $2.16 billion, a PE ratio of 13.76 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. As a group, equities analysts forecast that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Tuesday, August 4th. 1st Source’s payout ratio is presently 26.38%.

Analysts Set New Price Targets

A number of brokerages have commented on SRCE. Weiss Ratings cut 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday. Piper Sandler lifted their price target on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price target on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday. DA Davidson raised their price objective on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday. Finally, Zacks Research raised shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $89.67.

1st Source Company Profile

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.