Deutsche Bank AG Decreases Holdings in 1st Source Corporation $SRCE

Deutsche Bank AG trimmed its holdings in 1st Source Corporation (NASDAQ:SRCE) by 7.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 15,353 shares of the financial services provider’s stock after selling 1,273 shares during the quarter. Deutsche Bank AG owned 0.06% of 1st Source worth $918,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SRCE. Aquatic Capital Management LLC raised its position in 1st Source by 14.3% in the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 315 shares during the period. Financial Life Planners grew its stake in shares of 1st Source by 239.1% during the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock valued at $166,000 after buying an additional 1,963 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of 1st Source by 143.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider’s stock valued at $218,000 after buying an additional 2,204 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of 1st Source in the fourth quarter worth about $250,000. Finally, ProShare Advisors LLC lifted its stake in shares of 1st Source by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 1,701 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of SRCE stock opened at $64.07 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The firm has a market cap of $1.57 billion, a P/E ratio of 11.22 and a beta of 0.71. The business’s 50 day moving average price is $61.82 and its 200-day moving average price is $61.12.

1st Source (NASDAQ:SRCE) last announced its 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 company had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. On average, equities research analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source’s dividend payout ratio (DPR) is currently 26.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SRCE shares. DA Davidson increased their target price on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, July 29th. Piper Sandler increased their price objective on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Weiss Ratings restated a “buy (b-)” rating on shares of 1st Source in a report on Thursday, August 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $69.00 target price (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, 1st Source presently has a consensus rating of “Hold” and an average target price of $72.00.

About 1st Source

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.