Handelsbanken Fonder AB Takes Position in 1st Source Co. (NASDAQ:SRCE)

Handelsbanken Fonder AB acquired a new stake in 1st Source Co. (NASDAQ:SRCE) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,151 shares of the financial services provider’s stock, valued at approximately $228,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC acquired a new stake in shares of 1st Source during the fourth quarter worth $400,000. Harbour Trust & Investment Management Co bought a new stake in shares of 1st Source in the 4th quarter valued at about $218,000. Boston Trust Walden Corp raised its position in shares of 1st Source by 5.3% in the 4th quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock valued at $24,138,000 after acquiring an additional 22,176 shares during the period. Indiana Trust & Investment Management CO raised its position in shares of 1st Source by 68.9% in the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock valued at $2,450,000 after acquiring an additional 18,187 shares during the period. Finally, Denali Advisors LLC boosted its stake in 1st Source by 16.4% during the 4th quarter. Denali Advisors LLC now owns 54,600 shares of the financial services provider’s stock worth $3,000,000 after acquiring an additional 7,700 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a report on Monday, January 22nd. Piper Sandler lifted their target price on 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, April 29th.

Insider Buying and Selling at 1st Source

In related news, EVP Jeffrey L. Buhr sold 761 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the completion of the transaction, the executive vice president now owns 70,252 shares in the company, valued at $3,619,383.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 19.30% of the company’s stock.

1st Source Stock Performance

Shares of SRCE stock opened at $51.45 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. 1st Source Co. has a 52 week low of $38.77 and a 52 week high of $56.59. The company’s 50 day moving average price is $50.18 and its two-hundred day moving average price is $50.24. The company has a market capitalization of $1.26 billion, a P/E ratio of 10.35 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The business had revenue of $138.62 million for the quarter, compared to analyst estimates of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same period last year, the business posted $1.25 earnings per share. On average, analysts expect that 1st Source Co. will post 4.84 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.64%. 1st Source’s payout ratio is presently 27.36%.

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.