Norges Bank Makes New Investment in 1st Source Co. (NASDAQ:SRCE)

Norges Bank bought a new stake in 1st Source Co. (NASDAQ:SRCE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 51,108 shares of the financial services provider's stock, valued at approximately $2,984,000. Norges Bank owned approximately 0.21% of 1st Source at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 purchasing an additional 6,569 shares in the last quarter. State Street Corp increased its holdings in shares of 1st Source by 1.7% during the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock worth $33,964,000 after buying an additional 9,235 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock worth $25,959,000 after buying an additional 3,780 shares during the period. JPMorgan Chase & Co. boosted its holdings in 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock valued at $7,197,000 after acquiring an additional 32,257 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in 1st Source by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider's stock valued at $7,167,000 after acquiring an additional 1,598 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Stock Performance

NASDAQ SRCE traded down $0.27 during trading hours on Wednesday, reaching $53.74. The company's stock had a trading volume of 4,536 shares, compared to its average volume of 80,923. 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 business has a 50-day simple moving average of $61.25 and a 200 day simple moving average of $61.17. The stock has a market cap of $1.32 billion, a PE ratio of 10.03 and a beta of 0.67. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13.

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

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.68%. 1st Source's dividend payout ratio is presently 26.87%.

Analyst Ratings Changes

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

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.