Nuveen LLC Invests $7.01 Million in 1st Source Corporation $SRCE

Nuveen LLC acquired a new position in shares of 1st Source Corporation (NASDAQ:SRCE) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 117,238 shares of the financial services provider’s stock, valued at approximately $7,012,000. Nuveen LLC owned about 0.48% of 1st Source at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Invesco Ltd. lifted its position in shares of 1st Source by 2.3% during the 1st quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider’s stock worth $2,296,000 after purchasing an additional 846 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 1st Source by 3.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider’s stock worth $36,604,000 after purchasing an additional 19,059 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after purchasing an additional 140,698 shares during the last quarter. Picton Mahoney Asset Management lifted its position in shares of 1st Source by 265.1% during the 1st quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider’s stock worth $414,000 after purchasing an additional 5,042 shares during the last quarter. Finally, Legato Capital Management LLC lifted its position in shares of 1st Source by 7.4% during the 1st quarter. Legato Capital Management LLC now owns 27,258 shares of the financial services provider’s stock worth $1,630,000 after purchasing an additional 1,878 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $64.07 on Monday. The company has a 50-day simple moving average of $61.82 and a 200-day simple moving average of $61.12. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.22 and a beta of 0.71.

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. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The business had revenue of $108.25 million during the quarter, compared to analysts’ expectations of $104.67 million. On average, analysts predict that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, August 5th. 1st Source’s payout ratio is 26.62%.

Wall Street Analysts Forecast Growth

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

1st Source Company 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.