1st Source Co. (NASDAQ:SRCE) Shares Sold by 1ST Source Bank

1ST Source Bank trimmed its holdings in 1st Source Co. (NASDAQ:SRCE) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,335,474 shares of the financial services provider’s stock after selling 40,178 shares during the period. 1st Source accounts for about 17.8% of 1ST Source Bank’s holdings, making the stock its biggest holding. 1ST Source Bank owned 21.76% of 1st Source worth $311,485,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SRCE. Thrivent Financial for Lutherans raised its position in shares of 1st Source by 625.6% in the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in 1st Source during the third quarter worth about $1,713,000. Barclays PLC increased its position in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. increased its position in 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after purchasing an additional 24,470 shares during the last quarter. Finally, Jane Street Group LLC increased its position in 1st Source by 152.7% during the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on SRCE. Keefe, Bruyette & Woods raised their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Price Performance

Shares of SRCE opened at $61.09 on Monday. 1st Source Co. has a 1-year low of $47.30 and a 1-year high of $68.13. The stock has a market cap of $1.50 billion, a PE ratio of 11.40 and a beta of 0.78. The firm has a 50-day simple moving average of $61.84 and a two-hundred day simple moving average of $61.40. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, analysts forecast that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Tuesday, February 4th. 1st Source’s dividend payout ratio is presently 26.87%.

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.