1st Source Corporation $SRCE Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its holdings in 1st Source Corporation (NASDAQ:SRCE) by 17.6% during the first quarter, Holdings Channel reports. The firm owned 122,814 shares of the financial services provider’s stock after selling 26,313 shares during the period. Renaissance Technologies LLC’s holdings in 1st Source were worth $8,500,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SRCE. EverSource Wealth Advisors LLC grew its position in 1st Source by 562.1% in the second 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 boosted its stake in shares of 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 acquiring an additional 610 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of 1st Source in the 4th quarter worth $50,000. Tower Research Capital LLC TRC grew its holdings in shares of 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,368 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of 1st Source during the fourth quarter worth $128,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Price Performance

SRCE opened at $90.51 on Tuesday. The firm has a market capitalization of $2.18 billion, a P/E ratio of 13.88 and a beta of 0.57. The stock has a fifty day moving average of $80.52 and a 200-day moving average of $73.71. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source Corporation has a 12-month low of $56.89 and a 12-month high of $91.46.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results 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 business had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. Equities analysts forecast that 1st Source Corporation will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SRCE. Keefe, Bruyette & Woods upped 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. DA Davidson lifted their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Piper Sandler boosted their price objective on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Weiss Ratings lowered shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Finally, Zacks Research upgraded shares of 1st Source from a “hold” rating to a “strong-buy” 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.67.

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.