1st Source Co. (NASDAQ:SRCE) Shares Acquired by Alliancebernstein L.P.

Alliancebernstein L.P. boosted its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 519,846 shares of the financial services provider's stock after acquiring an additional 13,273 shares during the period. Alliancebernstein L.P. owned 2.12% of 1st Source worth $30,349,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SRCE. Norges Bank acquired a new stake in shares of 1st Source in the 4th quarter valued at about $2,984,000. JPMorgan Chase & Co. raised its stake in 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock valued at $7,197,000 after buying an additional 32,257 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in 1st Source during the 4th quarter worth approximately $251,000. Sei Investments Co. grew its position in shares of 1st Source by 91.3% in the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider's stock worth $3,123,000 after acquiring an additional 25,528 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of 1st Source by 30.5% in the 4th quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider's stock valued at $6,985,000 after acquiring an additional 27,966 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors.

1st Source Stock Performance

NASDAQ SRCE traded down $0.28 during trading hours on Friday, hitting $53.42. The company had a trading volume of 63,243 shares, compared to its average volume of 81,001. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The firm has a market cap of $1.31 billion, a P/E ratio of 9.97 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $61.72 and a 200-day simple moving average of $61.24.

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1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share 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%. Equities analysts predict that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm 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 2.70%. 1st Source's dividend payout ratio is presently 26.87%.

Analyst Upgrades and Downgrades

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

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.