Source Co. (NASDAQ:SRCE) is 1ST Source Bank’s Largest Position

1ST Source Bank decreased its holdings in 1st Source Co. (NASDAQ:SRCE) by 0.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,335,474 shares of the financial services provider’s stock after selling 40,178 shares during the quarter. 1st Source accounts for about 17.8% of 1ST Source Bank’s holdings, making the stock its biggest holding. 1ST Source Bank owned about 0.22% of 1st Source worth $311,485,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SRCE. Thrivent Financial for Lutherans boosted its stake 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 purchasing an additional 28,648 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in 1st Source in the third quarter worth approximately $1,713,000. Barclays PLC lifted its stake in 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after acquiring an additional 25,687 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after acquiring an additional 24,470 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in 1st Source by 152.7% in the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after acquiring an additional 21,254 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

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

1st Source Stock Up 1.9 %

Shares of NASDAQ:SRCE opened at $61.09 on Monday. The company has a market capitalization of $1.50 billion, a PE ratio of 11.40 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a twelve month low of $47.30 and a twelve month high of $68.13. The firm has a 50 day simple moving average of $61.84 and a 200-day simple moving average of $61.40.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, equities analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

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

1st Source Company 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.