Zacks Investment Management Decreases Stock Position in 1st Source Co. (NASDAQ:SRCE)

Zacks Investment Management trimmed its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,854 shares of the financial services provider’s stock after selling 542 shares during the quarter. Zacks Investment Management’s holdings in 1st Source were worth $634,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of SRCE. XTX Topco Ltd increased its stake in 1st Source by 13.6% during the fourth quarter. XTX Topco Ltd now owns 5,056 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 606 shares during the last quarter. Barclays PLC raised its position in shares of 1st Source by 9.8% during the 4th quarter. Barclays PLC now owns 45,593 shares of the financial services provider’s stock worth $2,662,000 after buying an additional 4,068 shares in the last quarter. Sterling Capital Management LLC lifted its position in 1st Source by 254.0% in the fourth quarter. Sterling Capital Management LLC now owns 7,519 shares of the financial services provider’s stock worth $439,000 after purchasing an additional 5,395 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of 1st Source in the fourth quarter valued at $250,000. Finally, Martingale Asset Management L P lifted its holdings in 1st Source by 9.2% in the 4th quarter. Martingale Asset Management L P now owns 44,042 shares of the financial services provider’s stock valued at $2,571,000 after acquiring an additional 3,719 shares during the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SRCE. Keefe, Bruyette & Woods boosted their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Tuesday, April 8th.

1st Source Trading Up 0.4 %

Shares of 1st Source stock opened at $54.76 on Friday. 1st Source Co. has a 12-month low of $48.91 and a 12-month high of $68.13. The company has a 50-day simple moving average of $60.56 and a 200 day simple moving average of $61.10. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.34 billion, a P/E ratio of 10.22 and a beta of 0.67.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results 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%. Research analysts expect that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s payout ratio is currently 26.87%.

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.