1st Source Corporation $SRCE Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its stake in 1st Source Corporation by 1.0%, owning 514,752 shares valued at approximately $30.8 million post-sale.
• The company reported a quarterly EPS of $1.51, surpassing analysts' expectations, with a revenue of $108.25 million.
• 1st Source recently declared a quarterly dividend of $0.38, reflecting an annualized yield of 2.4% and a dividend payout ratio of 26.62%.

Alliancebernstein L.P. lowered its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 514,752 shares of the financial services provider's stock after selling 5,094 shares during the period. Alliancebernstein L.P. owned about 2.10% of 1st Source worth $30,787,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SRCE. Northern Trust Corp increased its stake in shares of 1st Source by 5.2% during the fourth quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider's stock valued at $10,767,000 after buying an additional 9,165 shares during the period. Ameriprise Financial Inc. grew its stake in 1st Source by 36.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,855 shares of the financial services provider's stock valued at $692,000 after purchasing an additional 3,165 shares during the last quarter. BNP Paribas Financial Markets grew its stake in 1st Source by 17.0% in the fourth quarter. BNP Paribas Financial Markets now owns 14,369 shares of the financial services provider's stock valued at $839,000 after purchasing an additional 2,084 shares during the last quarter. Bank of America Corp DE grew its stake in 1st Source by 13.3% in the fourth quarter. Bank of America Corp DE now owns 26,447 shares of the financial services provider's stock valued at $1,544,000 after purchasing an additional 3,105 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in 1st Source in the fourth quarter valued at about $802,000. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of 1st Source stock traded down $0.04 on Monday, reaching $63.30. 76,654 shares of the stock were exchanged, compared to its average volume of 60,924. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 11.09 and a beta of 0.72. The business has a 50 day moving average price of $62.55 and a two-hundred day moving average price of $60.97.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The firm had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. Analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. 1st Source's payout ratio is 26.62%.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several analyst reports. Piper Sandler lifted their target price on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. DA Davidson lifted their target price on 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Saturday, August 30th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $72.00.

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.