Empowered Funds LLC Acquires New Shares in 1st Source Corporation $SRCE

Empowered Funds LLC acquired a new position in shares of 1st Source Corporation (NASDAQ:SRCE) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 112,609 shares of the financial services provider’s stock, valued at approximately $9,187,000.

Other large investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its stake in 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 buying an additional 206 shares during the last quarter. Engineers Gate Manager LP grew its position in 1st Source by 8.9% in 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 increased its stake in shares of 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares during the period. Zacks Investment Management raised its holdings in shares of 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock valued at $592,000 after buying an additional 388 shares during the last quarter. Finally, Man Group plc boosted its position in shares of 1st Source by 3.6% during the fourth 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 period. 74.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on SRCE. DA Davidson raised their target price on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Zacks Research raised 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Piper Sandler raised their price target on 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Weiss Ratings cut shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.67.

Insider Activity at 1st Source

In related news, CFO Brett A. Bauer sold 500 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 20.17% of the stock is owned by insiders.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $86.41 on Friday. 1st Source Corporation has a 1 year low of $56.89 and a 1 year high of $91.46. The firm has a market cap of $2.08 billion, a P/E ratio of 13.25 and a beta of 0.57. The stock has a fifty day moving average price of $85.05 and a two-hundred day moving average price of $76.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data 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 return on equity of 12.94% and a net margin of 28.09%.The business had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. Research analysts forecast that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is an increase from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio is presently 27.61%.

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.