Zurcher Kantonalbank Zurich Cantonalbank Decreases Holdings in 1st Source Co. (NASDAQ:SRCE)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 21.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,557 shares of the financial services provider’s stock after selling 709 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in 1st Source were worth $141,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SRCE. SG Americas Securities LLC purchased a new stake in shares of 1st Source during the 4th quarter valued at about $188,000. Pathstone Family Office LLC purchased a new stake in 1st Source in the 3rd quarter worth about $206,000. Principal Financial Group Inc. purchased a new stake in 1st Source in the 3rd quarter worth about $216,000. Harbour Trust & Investment Management Co purchased a new stake in 1st Source in the 4th quarter worth about $218,000. Finally, Raymond James & Associates purchased a new stake in 1st Source in the 3rd quarter worth about $228,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Trading Up 0.3 %

SRCE stock opened at $51.50 on Thursday. The company has a market capitalization of $1.26 billion, a PE ratio of 10.36 and a beta of 0.80. 1st Source Co. has a 12 month low of $40.44 and a 12 month high of $56.59. The firm’s 50-day moving average is $50.35 and its 200 day moving average is $50.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, topping the consensus estimate of $1.17 by $0.02. The company had revenue of $138.62 million for the quarter, compared to the consensus estimate of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same quarter last year, the firm posted $1.25 EPS. On average, research analysts anticipate that 1st Source Co. will post 4.84 EPS for the current year.

1st Source Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have commented on the company. Keefe, Bruyette & Woods upped their price objective on 1st Source from $52.00 to $53.00 and gave the company a “market perform” rating in a research report on Monday, January 22nd. Piper Sandler upped their price target on shares of 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 other 1st Source news, EVP Jeffrey L. Buhr sold 761 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the transaction, the executive vice president now owns 70,252 shares of the company’s stock, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 19.44% of the company’s stock.

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.