The Manufacturers Life Insurance Company Sells 14,624 Shares of 1st Source Co. (NASDAQ:SRCE)

The Manufacturers Life Insurance Company lessened its position in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 269,449 shares of the financial services provider's stock after selling 14,624 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.10% of 1st Source worth $14,448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in 1st Source in the 1st quarter worth approximately $628,000. Wellington Management Group LLP increased its stake in 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider's stock valued at $51,960,000 after acquiring an additional 39,514 shares during the last quarter. Dean Capital Management increased its stake in 1st Source by 4.6% in the fourth quarter. Dean Capital Management now owns 25,809 shares of the financial services provider's stock valued at $1,418,000 after acquiring an additional 1,126 shares during the last quarter. Denali Advisors LLC raised its position in 1st Source by 31.0% during the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider's stock valued at $3,748,000 after purchasing an additional 16,900 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in 1st Source by 276.5% during the second quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider's stock worth $770,000 after purchasing an additional 10,544 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SRCE. Piper Sandler cut 1st Source from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $62.00 price objective (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Trading Up 0.3 %

Shares of NASDAQ SRCE traded up $0.19 during mid-day trading on Thursday, hitting $57.86. The stock had a trading volume of 53,327 shares, compared to its average volume of 71,266. The business has a 50 day moving average price of $59.51 and a two-hundred day moving average price of $54.52. 1st Source Co. has a 1 year low of $41.30 and a 1 year high of $65.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $1.42 billion, a P/E ratio of 11.60 and a beta of 0.79.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to analysts' expectations of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same quarter in the previous year, the company earned $1.30 earnings per share. On average, equities analysts anticipate that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a $0.36 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 annualized dividend and a yield of 2.49%. This is a boost from 1st Source's previous quarterly dividend of $0.34. 1st Source's dividend payout ratio (DPR) is 28.97%.

1st Source Profile

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.