Indiana Trust & Investment Management Co Lowers Stake in 1st Source Corporation $SRCE

Key Points

• Indiana Trust & Investment Management Co reduced its stake in 1st Source Corporation by 18.6%, now holding 37,427 shares, which constitutes 0.8% of its investment portfolio.
• 1st Source Corporation reported $1.51 earnings per share for the last quarter, exceeding analyst expectations of $1.49, with a revenue of $108.25 million.
• The company recently announced a quarterly dividend of $0.38 per share, resulting in an annualized yield of 2.4%.

Indiana Trust & Investment Management Co reduced its holdings in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 18.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 37,427 shares of the financial services provider's stock after selling 8,528 shares during the period. 1st Source makes up 0.8% of Indiana Trust & Investment Management Co's investment portfolio, making the stock its 23rd largest holding. Indiana Trust & Investment Management Co owned about 0.15% of 1st Source worth $2,239,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Life Planners grew its position in 1st Source by 239.1% during the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after purchasing an additional 1,963 shares during the last quarter. ProShare Advisors LLC grew its position in 1st Source by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock worth $302,000 after purchasing an additional 1,701 shares during the last quarter. Fifth Third Bancorp grew its position in 1st Source by 6.8% during the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after purchasing an additional 390 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in 1st Source during the 1st quarter worth $398,000. Finally, Picton Mahoney Asset Management grew its position in 1st Source by 265.1% during the 1st quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider's stock worth $414,000 after purchasing an additional 5,042 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of SRCE opened at $63.85 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.57 billion, a P/E ratio of 11.21 and a beta of 0.72. The company has a 50-day moving average of $62.69 and a two-hundred day moving average of $61.02. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $68.13.

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

1st Source Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SRCE shares. Piper Sandler lifted their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $69.00 price objective (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Saturday, August 30th. Finally, DA Davidson boosted their price objective on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $72.00.

1st Source 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.

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