12,478 Shares in 1st Source Corporation $SRCE Bought by Midwest Trust Co

Midwest Trust Co purchased a new position in 1st Source Corporation (NASDAQ:SRCE) during the second quarter, HoldingsChannel reports. The fund purchased 12,478 shares of the financial services provider’s stock, valued at approximately $775,000.

A number of other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in 1st Source by 3.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 317 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of 1st Source by 3.6% in the first quarter. Principal Financial Group Inc. now owns 12,526 shares of the financial services provider’s stock valued at $749,000 after purchasing an additional 430 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 1st Source by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock worth $653,000 after purchasing an additional 467 shares in the last quarter. Campbell & CO Investment Adviser LLC raised its position in shares of 1st Source by 1.9% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 26,271 shares of the financial services provider’s stock worth $1,571,000 after purchasing an additional 485 shares during the last quarter. Finally, Denali Advisors LLC lifted its stake in 1st Source by 0.5% in the 2nd quarter. Denali Advisors LLC now owns 105,051 shares of the financial services provider’s stock valued at $6,521,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SRCE shares. Piper Sandler raised their price target on 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Zacks Research lowered shares of 1st Source from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Finally, DA Davidson lifted their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.67.

1st Source Stock Performance

NASDAQ:SRCE opened at $61.47 on Wednesday. The company has a market cap of $1.50 billion, a P/E ratio of 10.23 and a beta of 0.70. The firm’s 50 day moving average is $61.33 and its two-hundred day moving average is $61.60. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The business had revenue of $110.26 million during the quarter, compared to the consensus estimate of $109.46 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%. Analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th will be paid a dividend of $0.40 per share. This is a boost from 1st Source’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, November 4th. 1st Source’s payout ratio is currently 26.62%.

About 1st Source

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.