Systematic Financial Management LP Acquires New Position in 1st Source Corporation (SRCE)

Systematic Financial Management LP acquired a new stake in shares of 1st Source Corporation (NASDAQ:SRCE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 31,740 shares of the financial services provider’s stock, valued at approximately $1,522,000. Systematic Financial Management LP owned 0.12% of 1st Source Corporation as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in 1st Source Corporation by 301.3% during the first quarter. Wellington Management Group LLP now owns 1,061,773 shares of the financial services provider’s stock worth $49,850,000 after purchasing an additional 797,158 shares during the last quarter. United Services Automobile Association acquired a new position in 1st Source Corporation during the first quarter worth approximately $4,005,000. AQR Capital Management LLC increased its position in 1st Source Corporation by 89.7% during the first quarter. AQR Capital Management LLC now owns 140,352 shares of the financial services provider’s stock worth $6,589,000 after purchasing an additional 66,372 shares during the last quarter. FMR LLC increased its position in 1st Source Corporation by 29.6% during the first quarter. FMR LLC now owns 285,660 shares of the financial services provider’s stock worth $13,412,000 after purchasing an additional 65,300 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in 1st Source Corporation by 23.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 133,633 shares of the financial services provider’s stock worth $6,275,000 after purchasing an additional 25,721 shares during the last quarter. 70.22% of the stock is currently owned by institutional investors and hedge funds.

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1st Source Corporation (SRCE) opened at 47.65 on Tuesday. The company’s 50-day moving average is $47.09 and its 200 day moving average is $47.29. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 19.93 and a beta of 1.04. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $50.78.

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 consensus estimate of $0.61 by $0.03. The business had revenue of $70.00 million during the quarter, compared to analysts’ expectations of $68.90 million. 1st Source Corporation had a net margin of 21.41% and a return on equity of 9.14%. On average, equities research analysts predict that 1st Source Corporation will post $2.59 earnings per share for the current year.

Several brokerages recently commented on SRCE. ValuEngine raised shares of 1st Source Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. Piper Jaffray Companies set a $55.00 price target on shares of 1st Source Corporation and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Zacks Investment Research raised shares of 1st Source Corporation from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Tuesday, June 6th. BidaskClub lowered shares of 1st Source Corporation from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price target on shares of 1st Source Corporation in a research report on Sunday, July 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $51.67.

1st Source Corporation Profile

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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Institutional Ownership by Quarter for 1st Source Corporation (NASDAQ:SRCE)

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