1st Source Corporation $SRCE Stake Cut by Tudor Investment Corp ET AL

Tudor Investment Corp ET AL cut its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 60.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,043 shares of the financial services provider’s stock after selling 39,060 shares during the quarter. Tudor Investment Corp ET AL owned 0.11% of 1st Source worth $1,603,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Kelman Lazarov Inc. bought a new position in 1st Source during the third quarter worth $1,442,000. American Century Companies Inc. lifted its stake in 1st Source by 30.7% during the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock worth $20,890,000 after purchasing an additional 79,614 shares during the last quarter. Semanteon Capital Management LP bought a new position in 1st Source during the third quarter worth $570,000. AlphaQuest LLC lifted its stake in 1st Source by 507.5% during the third quarter. AlphaQuest LLC now owns 8,985 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 7,506 shares during the last quarter. Finally, Quantbot Technologies LP lifted its stake in 1st Source by 24.1% during the third quarter. Quantbot Technologies LP now owns 6,972 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 1,355 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SRCE has been the topic of several research analyst reports. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Piper Sandler increased their target price on 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, DA Davidson increased their target price on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $75.33.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $73.88 on Monday. 1st Source Corporation has a 1-year low of $52.59 and a 1-year high of $75.16. 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 business’s fifty day moving average price is $69.16 and its two-hundred day moving average price is $64.93. The firm has a market capitalization of $1.80 billion, a PE ratio of 11.53 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last issued its earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%.The firm had revenue of $115.39 million for the quarter. On average, research 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, February 13th. Stockholders of record on Tuesday, February 3rd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, February 3rd. 1st Source’s dividend payout ratio (DPR) is 24.96%.

1st Source Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.