Wells Fargo & Company MN Has $704,000 Stock Position in 1st Source Co. (NASDAQ:SRCE)

Wells Fargo & Company MN reduced its holdings in 1st Source Co. (NASDAQ:SRCE - Free Report) by 51.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,063 shares of the financial services provider's stock after selling 12,654 shares during the quarter. Wells Fargo & Company MN's holdings in 1st Source were worth $704,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SRCE. R Squared Ltd bought a new stake in shares of 1st Source in the 4th quarter worth approximately $40,000. Financial Life Planners acquired a new stake in 1st Source during the fourth quarter worth $48,000. Jones Financial Companies Lllp increased its holdings in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock valued at $71,000 after buying an additional 465 shares during the period. Picton Mahoney Asset Management raised its stake in shares of 1st Source by 105.6% in the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock valued at $111,000 after buying an additional 977 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of 1st Source during the 4th quarter worth about $250,000. 74.45% of the stock is currently owned by institutional investors.

1st Source Price Performance

SRCE traded down $0.20 during trading on Wednesday, hitting $60.24. The company's stock had a trading volume of 108,396 shares, compared to its average volume of 84,284. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 11.24 and a beta of 0.69. The firm's 50 day moving average price is $58.93 and its two-hundred day moving average price is $61.01. 1st Source Co. has a 12 month low of $48.97 and a 12 month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.16. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The company had revenue of $104.04 million for the quarter, compared to analyst estimates of $100.97 million. Sell-side analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be given a dividend of $0.38 per share. The ex-dividend date is Monday, May 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.52%. This is an increase from 1st Source's previous quarterly dividend of $0.36. 1st Source's payout ratio is presently 26.71%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Thursday, April 24th. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday, January 27th. Finally, Piper Sandler increased their price objective on 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th.

About 1st Source

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.