Nordea Investment Management AB boosted its holdings in shares of 1st Source Corporation (NASDAQ:SRCE) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,880 shares of the financial services provider’s stock after purchasing an additional 2,400 shares during the quarter. Nordea Investment Management AB owned about 0.36% of 1st Source worth $4,718,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in 1st Source by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock valued at $34,129,000 after purchasing an additional 26,341 shares during the period. Goldman Sachs Group Inc. bought a new stake in 1st Source during the 2nd quarter valued at approximately $504,000. Geode Capital Management LLC raised its stake in 1st Source by 4.5% during the 1st quarter. Geode Capital Management LLC now owns 156,790 shares of the financial services provider’s stock valued at $7,361,000 after purchasing an additional 6,756 shares during the period. Teachers Advisors LLC raised its stake in 1st Source by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 29,568 shares of the financial services provider’s stock valued at $1,417,000 after purchasing an additional 3,012 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in 1st Source by 3.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 288,115 shares of the financial services provider’s stock worth $13,812,000 after acquiring an additional 8,754 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors.
A number of research firms have issued reports on SRCE. Zacks Investment Research raised 1st Source from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Wednesday, October 25th. DA Davidson reaffirmed a “hold” rating and issued a $53.00 price objective on shares of 1st Source in a research note on Monday, October 23rd. They noted that the move was a valuation call. Piper Jaffray Companies set a $55.00 price objective on 1st Source and gave the stock a “buy” rating in a research note on Friday, October 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of 1st Source in a research note on Tuesday, October 3rd. Finally, ValuEngine downgraded 1st Source from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $53.25.
1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.66 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.66. The firm had revenue of $72.82 million during the quarter, compared to analysts’ expectations of $70.20 million. 1st Source had a return on equity of 9.43% and a net margin of 21.74%. research analysts forecast that 1st Source Corporation will post 2.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th were issued a $0.20 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.55%. 1st Source’s payout ratio is 32.00%.
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1st Source Profile
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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