PNC Financial Services Group Inc. Increases Position in 1st Source Co. (NASDAQ:SRCE)

PNC Financial Services Group Inc. lifted its position in shares of 1st Source Co. (NASDAQ:SRCE) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,356 shares of the financial services provider’s stock after purchasing an additional 218 shares during the period. PNC Financial Services Group Inc.’s holdings in 1st Source were worth $129,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Frazier Financial Advisors LLC acquired a new stake in 1st Source in the fourth quarter valued at $27,000. Principal Financial Group Inc. lifted its stake in 1st Source by 11.5% during the fourth quarter. Principal Financial Group Inc. now owns 5,726 shares of the financial services provider’s stock worth $315,000 after purchasing an additional 589 shares during the last quarter. Values First Advisors Inc. boosted its holdings in 1st Source by 2.2% in the fourth quarter. Values First Advisors Inc. now owns 42,967 shares of the financial services provider’s stock valued at $2,361,000 after purchasing an additional 930 shares in the last quarter. Legato Capital Management LLC increased its stake in 1st Source by 4.6% in the fourth quarter. Legato Capital Management LLC now owns 25,809 shares of the financial services provider’s stock valued at $1,418,000 after purchasing an additional 1,126 shares during the last quarter. Finally, Dean Capital Management raised its holdings in 1st Source by 4.6% during the fourth quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock worth $1,418,000 after purchasing an additional 1,126 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 1st Source

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

1st Source Stock Down 2.5 %

Shares of NASDAQ SRCE opened at $52.96 on Friday. The stock has a market cap of $1.30 billion, a PE ratio of 10.66 and a beta of 0.80. 1st Source Co. has a 52-week low of $40.96 and a 52-week high of $56.59. The business has a 50-day moving average price of $51.19 and a 200 day moving average price of $51.33. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09.

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

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Friday, May 3rd. 1st Source’s payout ratio is currently 27.36%.

Analysts Set New Price Targets

Separately, Piper Sandler increased their target price on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a research 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.