1st Source Corporation $SRCE Shares Acquired by Janus Henderson Group PLC

Janus Henderson Group PLC boosted its holdings in 1st Source Corporation (NASDAQ:SRCE) by 37.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 460,422 shares of the financial services provider’s stock after purchasing an additional 125,248 shares during the quarter. Janus Henderson Group PLC’s holdings in 1st Source were worth $31,889,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SRCE. Vanguard Group Inc. increased its stake in 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 valued at $82,277,000 after purchasing an additional 122,146 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of 1st Source by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock worth $43,155,000 after buying an additional 8,614 shares during the last quarter. Geode Capital Management LLC increased its position in 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock valued at $31,173,000 after acquiring an additional 14,643 shares during the period. Kennedy Capital Management LLC increased its position in 1st Source by 19.8% in the 4th quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock valued at $19,918,000 after acquiring an additional 52,787 shares during the period. Finally, UBS Group AG raised its stake in 1st Source by 54.9% during the 3rd quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock valued at $14,998,000 after acquiring an additional 86,322 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SRCE. Piper Sandler increased their price objective on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, July 28th. Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. DA Davidson increased their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lifted their price objective 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’s stock. According to MarketBeat, 1st Source presently has an average rating of “Moderate Buy” and an average price target of $89.67.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $89.74 on Monday. 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 company has a market cap of $2.16 billion, a P/E ratio of 13.76 and a beta of 0.57. 1st Source Corporation has a 52 week low of $56.89 and a 52 week high of $91.46. The company has a 50-day moving average price of $80.19 and a 200 day moving average price of $73.52.

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 analysts’ consensus estimates 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 analyst estimates of $114.13 million. Research analysts predict that 1st Source Corporation will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is presently 26.38%.

1st Source 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.