Ellsworth Advisors LLC Invests $503,000 in 1st Source Corporation $SRCE

Ellsworth Advisors LLC acquired a new position in 1st Source Corporation (NASDAQ:SRCE) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 8,405 shares of the financial services provider’s stock, valued at approximately $503,000.

A number of other large investors also recently modified their holdings of SRCE. Northern Trust Corp raised its holdings in shares of 1st Source by 5.2% in the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider’s stock worth $10,767,000 after purchasing an additional 9,165 shares during the period. Ameriprise Financial Inc. grew its stake in shares of 1st Source by 36.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,855 shares of the financial services provider’s stock valued at $692,000 after buying an additional 3,165 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of 1st Source by 17.0% in the fourth quarter. BNP Paribas Financial Markets now owns 14,369 shares of the financial services provider’s stock valued at $839,000 after buying an additional 2,084 shares in the last quarter. Bank of America Corp DE grew its stake in shares of 1st Source by 13.3% in the fourth quarter. Bank of America Corp DE now owns 26,447 shares of the financial services provider’s stock valued at $1,544,000 after buying an additional 3,105 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of 1st Source in the fourth quarter valued at about $802,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on SRCE. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, August 30th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler increased their target price on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Finally, DA Davidson increased their target price on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $72.00.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $64.33 on Friday. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The business has a 50 day moving average price of $62.63 and a two-hundred day moving average price of $61.04. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.58 billion, a PE ratio of 11.27 and a beta of 0.72.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The firm had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. Sell-side analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given a $0.38 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. 1st Source’s dividend payout ratio (DPR) is presently 26.62%.

About 1st Source

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.