VELA Investment Management LLC Sells 5,915 Shares of 1st Source Corporation (NASDAQ:SRCE)

VELA Investment Management LLC decreased its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,331 shares of the financial services provider’s stock after selling 5,915 shares during the period. VELA Investment Management LLC owned about 0.13% of 1st Source worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in 1st Source by 9.0% during the 4th quarter. Principal Financial Group Inc. now owns 12,096 shares of the financial services provider’s stock valued at $706,000 after purchasing an additional 1,001 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of 1st Source by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider’s stock valued at $7,167,000 after buying an additional 1,598 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after buying an additional 465 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock worth $34,616,000 after buying an additional 6,569 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in 1st Source by 25.1% during the 4th quarter. Victory Capital Management Inc. now owns 8,636 shares of the financial services provider’s stock worth $504,000 after buying an additional 1,735 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

1st Source stock opened at $65.74 on Friday. 1st Source Corporation has a 1 year low of $51.80 and a 1 year high of $68.13. The company’s 50-day moving average is $61.28 and its two-hundred day moving average is $60.46. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.61 billion, a PE ratio of 11.55 and a beta of 0.68.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. 1st Source had a net margin of 24.17% and a return on equity of 12.26%. The firm had revenue of $104.04 million during the quarter, compared to analyst estimates of $100.97 million. Equities analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a $0.38 dividend. This is a positive change from 1st Source’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, May 5th. This represents a $1.52 annualized dividend and a yield of 2.31%. 1st Source’s dividend payout ratio is presently 26.71%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SRCE shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of 1st Source in a research report on Friday, June 27th. Piper Sandler upped their price objective on 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a report on Monday, April 28th.

1st Source Company Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.