1st Source Co. (NASDAQ:SRCE) Stock Holdings Lowered by Vanguard Group Inc.

Vanguard Group Inc. cut its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 927,396 shares of the financial services provider's stock after selling 23,808 shares during the quarter. Vanguard Group Inc. owned about 3.78% of 1st Source worth $54,141,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SRCE. Valeo Financial Advisors LLC lifted its stake in shares of 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider's stock worth $591,000 after acquiring an additional 221 shares in the last quarter. Isthmus Partners LLC increased its holdings in 1st Source by 0.6% during the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider's stock worth $3,190,000 after purchasing an additional 328 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in 1st Source by 61.4% during the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock worth $71,000 after purchasing an additional 465 shares during the last quarter. Rhumbline Advisers raised its position in shares of 1st Source by 1.6% in the 4th quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider's stock valued at $2,466,000 after purchasing an additional 656 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of 1st Source during the 4th quarter valued at approximately $40,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SRCE. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Tuesday, April 8th. Keefe, Bruyette & Woods increased 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 report on Monday, January 27th. Finally, Piper Sandler raised shares of 1st Source from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th.

1st Source Stock Performance

SRCE traded up $0.73 during trading hours on Tuesday, hitting $54.01. The company's stock had a trading volume of 109,139 shares, compared to its average volume of 81,124. 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 fifty-two week low of $47.30 and a fifty-two week high of $68.13. The company has a 50-day simple moving average of $61.49 and a 200 day simple moving average of $61.22. The firm has a market capitalization of $1.33 billion, a PE ratio of 10.08 and a beta of 0.67.

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 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, sell-side analysts expect that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Tuesday, February 4th. 1st Source's dividend payout ratio (DPR) is presently 26.87%.

1st Source 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.