Charles Schwab Investment Management Inc. Grows Holdings in 1st Source Corporation $SRCE

Key Points

• Charles Schwab Investment Management Inc. increased its stake in 1st Source Corporation by 3.2% during the first quarter, owning a total of 612,000 shares valued at $36.6 million.
• 1st Source recently reported earnings of $1.51 per share for the quarter, exceeding analysts' expectations, with a revenue of $108.25 million.
• The company announced a quarterly dividend of $0.38 per share, yielding approximately 2.5%, reflecting a payout ratio of 26.62%.

Charles Schwab Investment Management Inc. lifted its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 612,000 shares of the financial services provider's stock after buying an additional 19,059 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 2.49% of 1st Source worth $36,604,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SRCE. Vanguard Group Inc. boosted its stake in 1st Source by 15.2% in the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock worth $63,883,000 after purchasing an additional 140,698 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in 1st Source by 154.4% in the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock worth $8,116,000 after purchasing an additional 84,378 shares in the last quarter. Millennium Management LLC boosted its stake in 1st Source by 34.3% in the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider's stock worth $11,901,000 after purchasing an additional 52,110 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in 1st Source by 15.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 196,617 shares of the financial services provider's stock worth $11,478,000 after purchasing an additional 27,025 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in 1st Source by 5,970.1% in the 1st quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider's stock worth $973,000 after purchasing an additional 16,000 shares in the last quarter. Institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of NASDAQ:SRCE traded up $2.94 during trading on Friday, hitting $64.07. The company's stock had a trading volume of 117,429 shares, compared to its average volume of 78,792. The company has a 50-day moving average of $61.82 and a 200-day moving average of $61.16. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 11.22 and a beta of 0.71.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The firm had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. On average, sell-side analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Tuesday, August 5th. 1st Source's dividend payout ratio is 26.62%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of 1st Source in a research note on Thursday, August 14th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler upped their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, DA Davidson upped their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average 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.