Norges Bank Invests $2.98 Million in 1st Source Co. (NASDAQ:SRCE)

Norges Bank purchased a new position in shares of 1st Source Co. (NASDAQ:SRCE) during the fourth quarter, HoldingsChannel reports. The firm purchased 51,108 shares of the financial services provider’s stock, valued at approximately $2,984,000.

Other large investors have also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in 1st Source during the 4th quarter worth approximately $40,000. Financial Life Planners purchased a new stake in shares of 1st Source in the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp grew its holdings in 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 465 shares during the period. Picton Mahoney Asset Management raised its position in 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 977 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in 1st Source in the fourth quarter valued at $250,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Down 4.6 %

1st Source stock opened at $53.70 on Friday. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 10.02 and a beta of 0.67. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The stock’s fifty day moving average is $61.94 and its two-hundred day moving average is $61.27.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS 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%. Analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors 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 2.68%. The ex-dividend date was Tuesday, February 4th. 1st Source’s payout ratio is currently 26.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

About 1st Source

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.