Bank of New York Mellon Corp Acquires 1,658 Shares of 1st Source Corporation $SRCE

Bank of New York Mellon Corp raised its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 122,739 shares of the financial services provider’s stock after buying an additional 1,658 shares during the period. Bank of New York Mellon Corp owned about 0.50% of 1st Source worth $7,618,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SRCE. CX Institutional bought a new stake in shares of 1st Source during the 2nd quarter valued at $63,000. KLP Kapitalforvaltning AS lifted its position in 1st Source by 33.3% during the second quarter. KLP Kapitalforvaltning AS now owns 4,400 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 1,100 shares in the last quarter. Inspire Investing LLC lifted its position in 1st Source by 9.3% during the second quarter. Inspire Investing LLC now owns 6,258 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 534 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in 1st Source by 265.1% during the first quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider’s stock valued at $414,000 after purchasing an additional 5,042 shares during the period. Finally, Jump Financial LLC bought a new stake in 1st Source during the first quarter valued at about $500,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 0.0%

Shares of SRCE opened at $60.31 on Friday. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $68.13. The company has a 50 day simple moving average of $60.85 and a two-hundred day simple moving average of $61.60. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $1.47 billion, a P/E ratio of 10.03 and a beta of 0.70.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The firm had revenue of $110.26 million during the quarter, compared to analyst estimates of $109.46 million. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. On average, equities analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, November 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. 1st Source’s dividend payout ratio (DPR) is 26.62%.

Wall Street Analyst Weigh In

Several research firms have recently commented on SRCE. DA Davidson raised their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Wednesday. Piper Sandler lifted their price target on shares of 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Zacks Research lowered shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods restated 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. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.67.

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.