California Public Employees Retirement System raised its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 13.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,908 shares of the financial services provider’s stock after acquiring an additional 5,080 shares during the period. California Public Employees Retirement System’s holdings in 1st Source were worth $2,293,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. Barclays PLC raised its stake in 1st Source by 29.0% during the 1st quarter. Barclays PLC now owns 4,454 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 1,001 shares in the last quarter. Victory Capital Management Inc. raised its stake in 1st Source by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 9,298 shares of the financial services provider’s stock valued at $497,000 after acquiring an additional 1,275 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in 1st Source by 1.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 148,231 shares of the financial services provider’s stock valued at $7,920,000 after acquiring an additional 1,993 shares in the last quarter. SG Americas Securities LLC bought a new stake in 1st Source during the 2nd quarter valued at $107,000. Finally, Xact Kapitalforvaltning AB raised its stake in 1st Source by 58.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 7,051 shares of the financial services provider’s stock valued at $357,000 after acquiring an additional 2,600 shares in the last quarter. 70.80% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the company. ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a research note on Monday. Zacks Investment Research downgraded 1st Source from a “hold” rating to a “sell” rating in a research note on Thursday, October 25th. Finally, BidaskClub downgraded 1st Source from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. Two 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. The stock currently has an average rating of “Hold” and a consensus target price of $58.00.
1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, October 18th. The financial services provider reported $0.76 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.13). 1st Source had a return on equity of 10.41% and a net margin of 22.98%. The firm had revenue of $78.42 million during the quarter, compared to the consensus estimate of $78.50 million. On average, research analysts forecast that 1st Source Co. will post 3.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, November 2nd. 1st Source’s dividend payout ratio is presently 40.00%.
In other news, insider Jeffrey L. Buhr sold 550 shares of the business’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $56.92, for a total value of $31,306.00. Following the sale, the insider now owns 52,361 shares of the company’s stock, valued at approximately $2,980,388.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey L. Buhr sold 1,450 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $56.98, for a total value of $82,621.00. Following the completion of the sale, the executive vice president now directly owns 50,911 shares in the company, valued at approximately $2,900,908.78. The disclosure for this sale can be found here. 19.92% of the stock is currently owned by insiders.
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 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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