Spark Investment Management LLC maintained its position in 1st Source Corporation (NASDAQ:SRCE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,200 shares of the financial services provider’s stock at the end of the second quarter. Spark Investment Management LLC owned 0.05% of 1st Source Corporation worth $632,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SRCE. Wellington Management Group LLP boosted its position in 1st Source Corporation by 301.3% in the first quarter. Wellington Management Group LLP now owns 1,061,773 shares of the financial services provider’s stock valued at $49,850,000 after buying an additional 797,158 shares in the last quarter. Norges Bank acquired a new position in 1st Source Corporation during the fourth quarter valued at about $11,151,000. United Services Automobile Association acquired a new position in 1st Source Corporation during the first quarter valued at about $4,005,000. AQR Capital Management LLC boosted its position in 1st Source Corporation by 89.7% in the first quarter. AQR Capital Management LLC now owns 140,352 shares of the financial services provider’s stock valued at $6,589,000 after buying an additional 66,372 shares in the last quarter. Finally, FMR LLC boosted its position in 1st Source Corporation by 29.6% in the first quarter. FMR LLC now owns 285,660 shares of the financial services provider’s stock valued at $13,412,000 after buying an additional 65,300 shares in the last quarter. 69.54% of the stock is owned by hedge funds and other institutional investors.
Shares of 1st Source Corporation (NASDAQ SRCE) opened at 46.42 on Friday. The firm has a market capitalization of $1.20 billion, a PE ratio of 19.41 and a beta of 1.03. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $50.78. The company has a 50 day moving average price of $48.45 and a 200-day moving average price of $47.10.
1st Source Corporation (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $70 million during the quarter, compared to the consensus estimate of $68.90 million. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. Equities research analysts expect that 1st Source Corporation will post $2.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be paid a $0.19 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.64%. 1st Source Corporation’s dividend payout ratio (DPR) is 31.80%.
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SRCE has been the subject of several analyst reports. BidaskClub raised 1st Source Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research raised 1st Source Corporation from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, April 26th. ValuEngine raised 1st Source Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of 1st Source Corporation in a research report on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price objective on 1st Source Corporation and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $52.33.
About 1st Source Corporation
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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