Dean Capital Management Raises Stock Position in 1st Source Co. (NASDAQ:SRCE)

Dean Capital Management boosted its holdings in 1st Source Co. (NASDAQ:SRCE) by 4.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 25,809 shares of the financial services provider’s stock after buying an additional 1,126 shares during the period. Dean Capital Management owned 0.11% of 1st Source worth $1,418,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Campbell & CO Investment Adviser LLC increased its stake in 1st Source by 190.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock worth $1,297,000 after buying an additional 15,473 shares in the last quarter. Isthmus Partners LLC increased its stake in 1st Source by 13.5% in the 4th quarter. Isthmus Partners LLC now owns 46,001 shares of the financial services provider’s stock worth $2,528,000 after buying an additional 5,479 shares in the last quarter. Hsbc Holdings PLC increased its stake in 1st Source by 6.0% in the 4th quarter. Hsbc Holdings PLC now owns 23,767 shares of the financial services provider’s stock worth $1,311,000 after buying an additional 1,338 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in 1st Source in the 4th quarter worth $27,000. Finally, Principal Financial Group Inc. increased its stake in 1st Source by 11.5% in the 4th quarter. Principal Financial Group Inc. now owns 5,726 shares of the financial services provider’s stock worth $315,000 after buying an additional 589 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of SRCE traded down $1.21 during midday trading on Monday, hitting $49.52. 45,173 shares of the company traded hands, compared to its average volume of 59,327. The firm has a 50 day moving average of $50.61 and a 200-day moving average of $51.25. 1st Source Co. has a 52 week low of $40.96 and a 52 week high of $56.59. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 9.96 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, beating the consensus estimate of $1.17 by $0.02. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. The business had revenue of $138.62 million during the quarter, compared to the consensus estimate of $93.30 million. During the same quarter in the prior year, the firm earned $1.25 EPS. On average, analysts forecast that 1st Source Co. will post 4.84 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Friday, May 3rd. 1st Source’s payout ratio is 27.36%.

Insider Activity at 1st Source

In other 1st Source news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $49.65 per share, with a total value of $49,650.00. Following the acquisition, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the transaction, the executive vice president now owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel B. Fitzpatrick acquired 1,000 shares of 1st Source stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the transaction, the director now directly owns 48,542 shares in the company, valued at $2,410,110.30. The disclosure for this purchase can be found here. 19.44% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Piper Sandler increased their price objective on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, April 29th.

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.