1st Source Corporation $SRCE Shares Sold by Indiana Trust & Investment Management Co

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 lowered its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 18.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,427 shares of the financial services provider's stock after selling 8,528 shares during the period. 1st Source comprises 0.8% of Indiana Trust & Investment Management Co's investment portfolio, making the stock its 23rd biggest position. Indiana Trust & Investment Management Co owned about 0.15% of 1st Source worth $2,239,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock worth $63,883,000 after buying an additional 140,698 shares in the last quarter. Nuveen LLC acquired a new stake in shares of 1st Source in the first quarter worth approximately $7,012,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of 1st Source by 157.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider's stock worth $9,061,000 after purchasing an additional 92,650 shares in the last quarter. Nuveen Asset Management LLC raised 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 valued at $8,116,000 after purchasing an additional 84,378 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in 1st Source by 57.8% in the 1st quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider's stock valued at $11,290,000 after purchasing an additional 69,124 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SRCE has been the subject of a number of recent research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research report on Saturday, August 30th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $69.00 price objective (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Piper Sandler raised their target price on shares of 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, DA Davidson upped their price target on 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $72.00.

1st Source Trading Down 0.3%

1st Source stock traded down $0.19 during midday trading on Monday, reaching $63.16. 27,454 shares of the stock traded hands, compared to its average volume of 92,539. The firm has a market cap of $1.55 billion, a PE ratio of 11.06 and a beta of 0.72. 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 company has a 50-day simple moving average of $62.58 and a two-hundred day simple moving average of $60.98. 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 issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.02. The business had revenue of $108.25 million for 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%. Research analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

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

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.