Hsbc Holdings PLC Takes Position in 1st Source Corporation $SRCE

Hsbc Holdings PLC bought a new position in shares of 1st Source Corporation (NASDAQ:SRCE) during the 2nd quarter, HoldingsChannel reports. The fund bought 30,996 shares of the financial services provider’s stock, valued at approximately $2,537,000.

A number of other hedge funds also recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in 1st Source by 1.2% during the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock worth $1,043,000 after purchasing an additional 206 shares during the period. Engineers Gate Manager LP grew its stake in 1st Source by 8.9% during the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after buying an additional 304 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after buying an additional 371 shares during the period. Zacks Investment Management increased its holdings in 1st Source by 4.2% in the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock valued at $592,000 after buying an additional 388 shares during the period. Finally, Man Group plc raised its position in shares of 1st Source by 3.6% in the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock valued at $746,000 after buying an additional 413 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

SRCE stock opened at $86.41 on Monday. The firm has a 50-day moving average price of $85.05 and a 200-day moving average price of $76.45. 1st Source Corporation has a 12 month low of $56.89 and a 12 month high of $91.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.08 billion, a P/E ratio of 13.25 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.24. The company had revenue of $118.16 million for 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%. As a group, equities research analysts anticipate 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 was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were given a $0.45 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is 27.61%.

Insider Buying and Selling at 1st Source

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 20.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Zacks Research raised shares of 1st Source from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods boosted 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. Weiss Ratings cut 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. Finally, DA Davidson raised their target price on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.