1ST Source Bank Has $373.78 Million Stake in 1st Source Corporation (SRCE)
1ST Source Bank reduced its stake in 1st Source Corporation (NASDAQ:SRCE) by 0.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,357,851 shares of the financial services provider’s stock after selling 2,353 shares during the period. 1st Source Corporation makes up approximately 31.1% of 1ST Source Bank’s holdings, making the stock its largest holding. 1ST Source Bank owned approximately 28.37% of 1st Source Corporation worth $373,779,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in SRCE. Legal & General Group Plc grew its position in 1st Source Corporation by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock worth $186,000 after acquiring an additional 137 shares during the last quarter. Victory Capital Management Inc. grew its position in 1st Source Corporation by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock worth $198,000 after acquiring an additional 620 shares during the last quarter. Royal Bank of Canada grew its position in 1st Source Corporation by 598.4% during the 2nd quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 3,668 shares during the last quarter. Karp Capital Management Corp bought a new stake in 1st Source Corporation during the 1st quarter worth approximately $206,000. Finally, Citadel Advisors LLC bought a new stake in 1st Source Corporation during the 1st quarter worth approximately $225,000. Institutional investors own 70.29% of the company’s stock.
SRCE has been the topic of a number of research analyst reports. Zacks Investment Research upgraded 1st Source Corporation from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Saturday, August 19th. ValuEngine upgraded 1st Source Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price target on shares of 1st Source Corporation in a research report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.25.
1st Source Corporation (NASDAQ:SRCE) traded up 0.58% during midday trading on Tuesday, reaching $51.65. The company had a trading volume of 12,750 shares. 1st Source Corporation has a one year low of $33.27 and a one year high of $53.03. The stock’s 50 day moving average is $50.42 and its 200 day moving average is $48.34. The company has a market capitalization of $1.34 billion, a PE ratio of 21.60 and a beta of 1.07.
1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.66 EPS for the quarter, meeting the consensus estimate of $0.66. 1st Source Corporation had a net margin of 21.74% and a return on equity of 9.43%. The business had revenue of $72.82 million during the quarter, compared to the consensus estimate of $70.20 million. Equities research analysts forecast that 1st Source Corporation will post $2.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be given a dividend of $0.20 per share. This is an increase from 1st Source Corporation’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.56%. The ex-dividend date is Friday, November 3rd. 1st Source Corporation’s payout ratio is currently 30.40%.
1st Source Corporation Profile
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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