Brett Bauer Sells 500 Shares of 1st Source (NASDAQ:SRCE) Stock

1st Source Corporation (NASDAQ:SRCE) CFO Brett Bauer sold 500 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

1st Source Stock Performance

SRCE traded down $0.68 on Monday, hitting $87.33. 125,964 shares of the company traded hands, compared to its average volume of 135,694. The company has a 50 day moving average of $81.77 and a 200-day moving average of $74.41. 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 market capitalization of $2.10 billion, a PE ratio of 13.39 and a beta of 0.57. 1st Source Corporation has a 12-month low of $56.89 and a 12-month high of $91.46.

1st Source (NASDAQ:SRCE) last announced its 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 return on equity of 12.94% and a net margin of 28.09%.The company had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. Sell-side analysts anticipate that 1st Source Corporation will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a $0.45 dividend. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 1st Source’s payout ratio is 27.61%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently made changes to their positions in SRCE. EverSource Wealth Advisors LLC increased its holdings in shares of 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after buying an additional 371 shares during the last quarter. Quarry LP increased its stake in 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after buying an additional 610 shares during the period. Rossby Financial LCC purchased a new stake in 1st Source during the 4th quarter worth approximately $50,000. Tower Research Capital LLC TRC raised its holdings in 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of 1st Source in the 4th quarter valued at about $128,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

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.