Granite Investment Partners LLC Trims Stock Position in 1st Source Corporation $SRCE

Granite Investment Partners LLC lessened its holdings in 1st Source Corporation (NASDAQ:SRCE) by 14.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 48,644 shares of the financial services provider’s stock after selling 7,893 shares during the period. Granite Investment Partners LLC’s holdings in 1st Source were worth $3,019,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after acquiring an additional 140,698 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in 1st Source by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider’s stock worth $36,604,000 after purchasing an additional 19,059 shares during the period. Invesco Ltd. lifted its position in 1st Source by 2.3% during the first quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider’s stock valued at $2,296,000 after purchasing an additional 846 shares in the last quarter. Nuveen LLC purchased a new position in 1st Source during the first quarter valued at $7,012,000. Finally, American Century Companies Inc. grew its holdings in 1st Source by 57.8% during the first quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider’s stock valued at $11,290,000 after purchasing an additional 69,124 shares during the period. 74.45% of the stock is currently owned by institutional investors.

1st Source Stock Up 0.6%

Shares of SRCE opened at $63.62 on Wednesday. The business’s 50 day moving average is $60.75 and its 200 day moving average is $61.66. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $67.77. The company has a market capitalization of $1.55 billion, a PE ratio of 10.59 and a beta of 0.70.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.12. The business had revenue of $110.26 million during the quarter, compared to analyst estimates of $109.46 million. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. Research analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were issued a $0.40 dividend. The ex-dividend date was Tuesday, November 4th. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. This is an increase from 1st Source’s previous quarterly dividend of $0.38. 1st Source’s payout ratio is presently 26.62%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SRCE shares. Zacks Research cut 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Monday. Finally, DA Davidson upped their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $72.67.

1st Source Company 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.