Allianz Asset Management GmbH Sells 1,000 Shares of 1st Source Corporation (NASDAQ:SRCE)

Allianz Asset Management GmbH cut its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 15.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,400 shares of the financial services provider’s stock after selling 1,000 shares during the period. Allianz Asset Management GmbH’s holdings in 1st Source were worth $323,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SRCE. Aquatic Capital Management LLC boosted its position in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock worth $147,000 after buying an additional 315 shares during the period. Financial Life Planners boosted its position in 1st Source by 239.1% during the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock worth $166,000 after buying an additional 1,963 shares during the period. Tower Research Capital LLC TRC boosted its position in 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider’s stock worth $218,000 after buying an additional 2,204 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of 1st Source in the 4th quarter worth approximately $219,000. Finally, Polymer Capital Management US LLC acquired a new position in shares of 1st Source in the 4th quarter worth approximately $233,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Piper Sandler boosted their price target on shares of 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. DA Davidson lifted their price objective on shares of 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Tuesday, July 29th.

1st Source Stock Performance

NASDAQ:SRCE opened at $58.79 on Monday. The company has a fifty day moving average of $61.91 and a 200-day moving average of $61.17. The firm has a market capitalization of $1.44 billion, a P/E ratio of 10.30 and a beta of 0.71. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13.

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

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, August 5th. 1st Source’s payout ratio is 26.62%.

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.