Fifth Third Bancorp Has $362,000 Stock Holdings in 1st Source Corporation $SRCE

Fifth Third Bancorp lowered its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 5.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,833 shares of the financial services provider’s stock after selling 331 shares during the quarter. Fifth Third Bancorp’s holdings in 1st Source were worth $362,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CX Institutional bought a new position in shares of 1st Source in the second quarter worth $63,000. Ellsworth Advisors LLC bought a new position in 1st Source in the first quarter valued at about $503,000. Acadian Asset Management LLC grew its position in 1st Source by 6.0% in the first quarter. Acadian Asset Management LLC now owns 83,624 shares of the financial services provider’s stock valued at $4,996,000 after acquiring an additional 4,719 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in 1st Source by 29.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider’s stock valued at $1,977,000 after acquiring an additional 7,456 shares during the last quarter. Finally, Empowered Funds LLC grew its position in 1st Source by 2.0% in the first quarter. Empowered Funds LLC now owns 78,078 shares of the financial services provider’s stock valued at $4,670,000 after acquiring an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

SRCE has been the topic of a number of recent analyst reports. DA Davidson lifted their target price on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, July 29th. Piper Sandler lifted their target price on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a report on Saturday, September 13th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, 1st Source presently has an average rating of “Hold” and a consensus price target of $72.00.

1st Source Stock Performance

Shares of 1st Source stock opened at $61.56 on Wednesday. The company has a market capitalization of $1.51 billion, a P/E ratio of 10.78 and a beta of 0.72. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $62.30 and a 200 day simple moving average of $61.07. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping 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 company had revenue of $108.25 million for the quarter, compared to analysts’ expectations of $104.67 million. On average, sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 annualized dividend and a yield of 2.5%. 1st Source’s dividend payout ratio is currently 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.