Prudential Financial Inc. increased its holdings in 1st Source Co. (NASDAQ:SRCE) by 36.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,482 shares of the financial services provider’s stock after buying an additional 5,951 shares during the period. Prudential Financial Inc. owned about 0.09% of 1st Source worth $1,045,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Royal Bank of Canada grew its stake in 1st Source by 278.3% in the first quarter. Royal Bank of Canada now owns 923 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 679 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in 1st Source in the second quarter valued at approximately $58,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 1st Source by 66.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,557 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 1,021 shares in the last quarter. Marshall Wace LLP acquired a new stake in 1st Source in the first quarter valued at approximately $168,000. Finally, Innovative Portfolios acquired a new stake in 1st Source in the second quarter valued at approximately $278,000. 74.15% of the stock is owned by institutional investors.
1st Source stock opened at $49.93 on Thursday. The company has a 50-day simple moving average of $48.04. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.89 and a current ratio of 0.90. 1st Source Co. has a one year low of $37.13 and a one year high of $51.20. The stock has a market capitalization of $1.24 billion, a PE ratio of 10.83 and a beta of 1.13.
The business also recently declared a quarterly dividend, which was paid on Friday, November 12th. Shareholders of record on Tuesday, November 2nd were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, November 1st. This represents a $1.24 dividend on an annualized basis and a yield of 2.48%. 1st Source’s payout ratio is 26.90%.
Separately, Zacks Investment Research upgraded 1st Source from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research note on Wednesday, September 29th.
About 1st Source
1st Source Corp. operates as a bank holding company for 1st Source Bank. It provides financial products and services through its subsidiaries. The bank offers commercial & consumer banking services, trust & investment management services and insurance to individuals and businesses. The firm provides commercial, small business, agricultural and real estate loans, including financing for industrial & commercial properties, financing for equipment, inventories & accounts receivables and acquisition financing.
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