Jupiter Topco LLC Buys New Position in 1st Source Corporation $SRCE

Jupiter Topco LLC purchased a new stake in 1st Source Corporation (NASDAQ:SRCE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 481,186 shares of the financial services provider’s stock, valued at approximately $39,286,000. Jupiter Topco LLC owned about 2.00% of 1st Source as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. 1ST Source Bank purchased a new stake in shares of 1st Source during the second quarter worth about $416,946,000. BlackRock Inc. purchased a new position in shares of 1st Source during the 2nd quarter valued at about $166,355,000. The Manufacturers Life Insurance Company purchased a new position in 1st Source during the second quarter valued at approximately $19,319,000. Janus Henderson Group PLC lifted its stake in shares of 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after purchasing an additional 125,248 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of 1st Source by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Transactions at 1st Source

In related news, CFO Brett A. Bauer sold 500 shares of the company’s stock in a transaction dated 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 owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 20.17% of the company’s stock.

1st Source Trading Up 0.4%

Shares of SRCE opened at $86.49 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 firm’s fifty day moving average is $84.86 and its two-hundred day moving average is $76.34. The stock has a market cap of $2.08 billion, a PE ratio of 13.27 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. The business had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. Research analysts forecast that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

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

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.