Norges Bank acquired a new stake in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 51,108 shares of the financial services provider's stock, valued at approximately $2,984,000. Norges Bank owned approximately 0.21% of 1st Source as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock valued at $34,616,000 after buying an additional 6,569 shares during the last quarter. State Street Corp boosted its stake in 1st Source by 1.7% during the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock valued at $33,964,000 after acquiring an additional 9,235 shares during the last quarter. Geode Capital Management LLC boosted its stake in 1st Source by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock valued at $25,959,000 after acquiring an additional 3,780 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in 1st Source by 35.4% during the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock worth $7,197,000 after acquiring an additional 32,257 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of 1st Source by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider's stock worth $7,167,000 after purchasing an additional 1,598 shares during the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
SRCE has been the subject of a number of research reports. Piper Sandler upgraded 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. Keefe, Bruyette & Woods lifted their target price on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Tuesday, April 8th.
View Our Latest Stock Report on SRCE
1st Source Stock Performance
Shares of NASDAQ:SRCE traded up $0.70 during trading on Tuesday, reaching $53.98. 47,732 shares of the company's stock traded hands, compared to its average volume of 98,189. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company has a 50 day moving average of $61.49 and a 200-day moving average of $61.22. 1st Source Co. has a 12 month low of $47.30 and a 12 month high of $68.13. The stock has a market capitalization of $1.33 billion, a P/E ratio of 10.07 and a beta of 0.67.
1st Source (NASDAQ:SRCE - Get Free Report) last posted its earnings results 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 return on equity of 11.92% and a net margin of 23.10%. On average, equities analysts expect that 1st Source Co. will post 5.82 EPS for the current year.
1st Source Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Tuesday, February 4th. 1st Source's payout ratio is 26.87%.
1st Source Company Profile
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Free Report)
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.
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