1ST Source Bank Has $311.49 Million Position in 1st Source Co. (NASDAQ:SRCE)

1ST Source Bank decreased its holdings in 1st Source Co. (NASDAQ:SRCE - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 investment portfolio, making the stock its largest position. 1ST Source Bank owned approximately 21.76% of 1st Source worth $311,485,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its position in shares of 1st Source by 625.6% during the 3rd 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in 1st Source during the third quarter valued at approximately $1,713,000. Barclays PLC boosted its position in shares of 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 purchasing an additional 25,687 shares during the period. JPMorgan Chase & Co. increased its stake in shares of 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 purchasing an additional 24,470 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider's stock valued at $2,106,000 after purchasing an additional 21,254 shares during the period. 74.45% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler raised shares of 1st Source from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods lifted their target price on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday, January 27th.

1st Source Price Performance

Shares of NASDAQ:SRCE traded down $0.17 during midday trading on Friday, reaching $61.50. 743,678 shares of the company were exchanged, compared to its average volume of 75,832. The stock has a market cap of $1.51 billion, a PE ratio of 11.47 and a beta of 0.78. The business's fifty day moving average is $62.25 and its two-hundred day moving average is $61.43. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. 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 (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating 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%. As a group, analysts predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.34%. The ex-dividend date was Tuesday, February 4th. 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.