1st Source Corporation (SRCE) Shares Sold by Vanguard Group Inc.
Vanguard Group Inc. cut its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 685,557 shares of the financial services provider’s stock after selling 52,413 shares during the period. Vanguard Group Inc.’s holdings in 1st Source Corporation were worth $32,186,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of SRCE. Norges Bank purchased a new stake in 1st Source Corporation during the fourth quarter valued at $11,151,000. Teachers Advisors LLC increased its stake in 1st Source Corporation by 3.5% in the fourth quarter. Teachers Advisors LLC now owns 25,984 shares of the financial services provider’s stock valued at $1,160,000 after buying an additional 880 shares during the last quarter. Bank of Montreal Can increased its stake in 1st Source Corporation by 20.6% in the first quarter. Bank of Montreal Can now owns 36,404 shares of the financial services provider’s stock valued at $1,708,000 after buying an additional 6,215 shares during the last quarter. First Mercantile Trust Co. purchased a new stake in 1st Source Corporation during the first quarter valued at $291,000. Finally, Prescott Group Capital Management L.L.C. purchased a new stake in 1st Source Corporation during the first quarter valued at $762,000. 69.53% of the stock is owned by institutional investors and hedge funds.
Shares of 1st Source Corporation (NASDAQ:SRCE) traded up 0.32% during midday trading on Wednesday, hitting $47.24. The company had a trading volume of 1,349 shares. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 19.76 and a beta of 1.03. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $50.78. The stock’s 50-day moving average price is $48.46 and its 200-day moving average price is $47.12.
1st Source Corporation (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $70 million during the quarter, compared to the consensus estimate of $68.90 million. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. On average, equities research analysts forecast that 1st Source Corporation will post $2.59 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were issued a $0.19 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.76 annualized dividend and a yield of 1.61%. 1st Source Corporation’s dividend payout ratio (DPR) is 31.80%.
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Several equities research analysts recently weighed in on SRCE shares. Zacks Investment Research raised 1st Source Corporation from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a report on Wednesday, April 26th. ValuEngine raised 1st Source Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub raised 1st Source Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price target on shares of 1st Source Corporation in a report on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the stock a “buy” rating in a report on Wednesday, July 26th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $52.33.
About 1st Source Corporation
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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