Granite Investment Partners LLC Sells 6,601 Shares of 1st Source Co. (NASDAQ:SRCE)

Granite Investment Partners LLC reduced its stake in 1st Source Co. (NASDAQ:SRCE - Free Report) by 9.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,678 shares of the financial services provider's stock after selling 6,601 shares during the quarter. Granite Investment Partners LLC owned 0.26% of 1st Source worth $3,659,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in shares of 1st Source by 91.3% in the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider's stock valued at $3,123,000 after buying an additional 25,528 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of 1st Source by 152.7% in the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider's stock valued at $2,106,000 after purchasing an additional 21,254 shares during the period. State Street Corp lifted its stake in 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock valued at $33,964,000 after purchasing an additional 9,235 shares during the last quarter. Barclays PLC grew its holdings in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after purchasing an additional 25,687 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in 1st Source by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock valued at $34,616,000 after buying an additional 6,569 shares during the period. Institutional investors own 74.45% of the company's stock.

1st Source Price Performance

NASDAQ SRCE traded up $0.21 on Friday, hitting $54.76. 138,454 shares of the company's stock were exchanged, compared to its average volume of 81,971. 1st Source Co. has a 52 week low of $47.62 and a 52 week high of $68.13. The stock has a 50-day moving average of $60.56 and a 200-day moving average of $61.07. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 10.22 and a beta of 0.67.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Analysts expect that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.63%. 1st Source's payout ratio is presently 26.87%.

Analyst Ratings Changes

SRCE has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a report on Tuesday, April 8th. Piper Sandler raised shares of 1st Source from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a report on Monday, January 27th.

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.