Vanguard Group Inc. Sells 23,808 Shares of 1st Source Co. (NASDAQ:SRCE)

Vanguard Group Inc. reduced its position in 1st Source Co. (NASDAQ:SRCE - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 927,396 shares of the financial services provider's stock after selling 23,808 shares during the period. Vanguard Group Inc. owned about 3.78% of 1st Source worth $54,141,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock valued at $34,616,000 after acquiring an additional 6,569 shares in the last quarter. State Street Corp lifted its position 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 worth $33,964,000 after buying an additional 9,235 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of 1st Source by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock valued at $25,959,000 after buying an additional 3,780 shares during the period. Bank of New York Mellon Corp increased its stake in shares of 1st Source by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider's stock worth $7,167,000 after acquiring an additional 1,598 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of 1st Source by 6.1% during the third quarter. FMR LLC now owns 120,617 shares of the financial services provider's stock worth $7,223,000 after acquiring an additional 6,981 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of 1st Source stock traded up $0.18 during midday trading on Thursday, hitting $54.73. The company had a trading volume of 28,199 shares, compared to its average volume of 98,348. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1-year low of $47.30 and a 1-year high of $68.13. The business's 50 day simple moving average is $61.04 and its two-hundred day simple moving average is $61.13. The stock has a market cap of $1.34 billion, a PE ratio of 10.17 and a beta of 0.67.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SRCE shares. Piper Sandler upgraded 1st Source from a "neutral" rating to an "overweight" rating and raised their target price for the company from $70.00 to $72.50 in a report on Monday, January 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods upped their price objective 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 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.