Principal Financial Group Inc. Grows Holdings in 1st Source Corporation (NASDAQ:SRCE)

Principal Financial Group Inc. increased its position in 1st Source Corporation (NASDAQ:SRCE) by 3.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,526 shares of the financial services provider’s stock after acquiring an additional 430 shares during the quarter. Principal Financial Group Inc. owned about 0.05% of 1st Source worth $749,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of 1st Source during the first quarter worth $398,000. Mirae Asset Global Investments Co. Ltd. grew its stake in 1st Source by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider’s stock valued at $831,000 after purchasing an additional 1,544 shares during the last quarter. Financial Life Planners grew its stake in 1st Source by 239.1% in the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 1,963 shares during the last quarter. Fifth Third Bancorp grew its stake in 1st Source by 6.8% in the first quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 390 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in 1st Source by 2.2% in the first quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 188 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SRCE has been the topic of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, July 12th. Piper Sandler upped their target price on 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th.

1st Source Stock Performance

1st Source stock opened at $63.55 on Friday. The firm has a market capitalization of $1.56 billion, a P/E ratio of 11.17 and a beta of 0.68. The stock has a fifty day moving average price of $62.00 and a 200 day moving average price of $60.83. 1st Source Corporation has a 52 week low of $52.14 and a 52 week high of $68.13. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08.

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

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a $0.38 dividend. The ex-dividend date was Monday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.39%. 1st Source’s payout ratio is presently 26.71%.

1st Source 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.