Rhumbline Advisers Has $2.51 Million Stake in 1st Source Corporation $SRCE

Rhumbline Advisers decreased its position in 1st Source Corporation (NASDAQ:SRCE) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,935 shares of the financial services provider’s stock after selling 298 shares during the quarter. Rhumbline Advisers owned about 0.17% of 1st Source worth $2,508,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock valued at $63,883,000 after buying an additional 140,698 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of 1st Source by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider’s stock valued at $36,604,000 after buying an additional 19,059 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of 1st Source by 0.9% in the first quarter. The Manufacturers Life Insurance Company now owns 262,475 shares of the financial services provider’s stock valued at $15,699,000 after buying an additional 2,355 shares during the period. Millennium Management LLC boosted its stake in shares of 1st Source by 18.9% in the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after buying an additional 38,610 shares during the period. Finally, Bridgeway Capital Management LLC boosted its stake in shares of 1st Source by 4.0% in the first quarter. Bridgeway Capital Management LLC now owns 204,478 shares of the financial services provider’s stock valued at $12,230,000 after buying an additional 7,861 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Stock Performance

NASDAQ SRCE opened at $63.12 on Wednesday. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 11.05 and a beta of 0.72. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The stock has a fifty day simple moving average of $62.51 and a 200 day simple moving average of $60.99. 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 (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share 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 the consensus estimate of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. Sell-side analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SRCE. Piper Sandler boosted their price target on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. DA Davidson boosted their price target on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $69.00 price target (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $72.00.

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.