Swiss National Bank Reduces Stake in 1st Source Co. (NASDAQ:SRCE)

Swiss National Bank cut its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 10.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,489 shares of the financial services provider’s stock after selling 4,300 shares during the period. Swiss National Bank owned 0.15% of 1st Source worth $2,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. SG Americas Securities LLC bought a new stake in 1st Source in the fourth quarter worth $188,000. Harbour Trust & Investment Management Co bought a new stake in shares of 1st Source in the 4th quarter worth about $218,000. Handelsbanken Fonder AB purchased a new position in shares of 1st Source during the 4th quarter worth about $228,000. Pathstone Family Office LLC bought a new position in 1st Source during the 3rd quarter valued at about $206,000. Finally, Principal Financial Group Inc. purchased a new stake in 1st Source in the 3rd quarter worth about $216,000. 74.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their price target on 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, April 29th.

1st Source Trading Up 0.7 %

SRCE stock opened at $50.55 on Friday. The company has a market capitalization of $1.24 billion, a PE ratio of 10.17 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. 1st Source Co. has a 12 month low of $40.81 and a 12 month high of $56.59. The firm’s 50-day moving average is $50.61 and its 200 day moving average is $51.03.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The firm had revenue of $138.62 million during the quarter, compared to analyst estimates of $93.30 million. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. During the same quarter in the previous year, the business earned $1.25 earnings per share. On average, research analysts anticipate that 1st Source Co. will post 4.84 EPS for the current year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were issued a $0.34 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.69%. 1st Source’s payout ratio is currently 27.36%.

Insider Buying and Selling

In other 1st Source news, EVP Jeffrey L. Buhr sold 761 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the transaction, the executive vice president now owns 70,252 shares of the company’s stock, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is owned by insiders.

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.