Northern Trust Corp lifted its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,567 shares of the financial services provider’s stock after acquiring an additional 2,557 shares during the quarter. Northern Trust Corp owned 1.01% of 1st Source worth $14,028,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SRCE. Allianz Asset Management GmbH bought a new stake in shares of 1st Source during the 1st quarter worth $3,579,000. Janus Henderson Group PLC boosted its stake in shares of 1st Source by 10.1% during the 2nd quarter. Janus Henderson Group PLC now owns 608,424 shares of the financial services provider’s stock worth $32,508,000 after acquiring an additional 55,646 shares in the last quarter. United Services Automobile Association boosted its stake in shares of 1st Source by 28.3% during the 2nd quarter. United Services Automobile Association now owns 196,812 shares of the financial services provider’s stock worth $10,516,000 after acquiring an additional 43,390 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of 1st Source by 19.6% during the 2nd quarter. Renaissance Technologies LLC now owns 232,814 shares of the financial services provider’s stock worth $12,439,000 after acquiring an additional 38,100 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of 1st Source by 3.0% during the 2nd quarter. BlackRock Inc. now owns 1,149,935 shares of the financial services provider’s stock worth $61,440,000 after acquiring an additional 33,113 shares in the last quarter. 70.83% of the stock is owned by institutional investors and hedge funds.
SRCE has been the subject of several research reports. BidaskClub raised 1st Source from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Finally, Zacks Investment Research upgraded 1st Source from a “sell” rating to a “hold” rating in a report on Tuesday, September 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. 1st Source presently has an average rating of “Hold” and a consensus target price of $58.00.
SRCE opened at $46.95 on Tuesday. The firm has a market capitalization of $1.22 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 1.47 and a beta of 0.96. 1st Source Co. has a 12-month low of $39.93 and a 12-month high of $59.33. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.17.
1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 18th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.13). The business had revenue of $78.42 million during the quarter, compared to analysts’ expectations of $78.50 million. 1st Source had a net margin of 22.98% and a return on equity of 10.41%. Sell-side analysts anticipate that 1st Source Co. will post 3.2 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. 1st Source’s payout ratio is currently 40.00%.
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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 investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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