Wells Fargo & Company MN Trims Holdings in 1st Source Co. (NASDAQ:SRCE)

Wells Fargo & Company MN decreased its position in shares of 1st Source Co. (NASDAQ:SRCE) by 51.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,063 shares of the financial services provider’s stock after selling 12,654 shares during the period. Wells Fargo & Company MN’s holdings in 1st Source were worth $704,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in 1st Source in the 4th quarter valued at approximately $2,984,000. JPMorgan Chase & Co. increased its holdings in 1st Source by 35.4% during the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after purchasing an additional 32,257 shares during the period. American Century Companies Inc. raised its position in 1st Source by 30.5% in the 4th quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock valued at $6,985,000 after purchasing an additional 27,966 shares in the last quarter. Barclays PLC boosted its stake in shares of 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after buying an additional 25,687 shares during the period. Finally, Sei Investments Co. grew its position in shares of 1st Source by 91.3% during the fourth quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock worth $3,123,000 after buying an additional 25,528 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

1st Source Stock Up 0.2 %

Shares of NASDAQ:SRCE opened at $60.06 on Friday. The firm has a 50 day simple moving average of $59.24 and a 200-day simple moving average of $61.04. 1st Source Co. has a twelve month low of $48.97 and a twelve month high of $68.13. 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 company has a market capitalization of $1.47 billion, a PE ratio of 11.21 and a beta of 0.67.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. The business had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $100.97 million. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. On average, equities analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be issued a $0.38 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Monday, May 5th. 1st Source’s dividend payout ratio is presently 26.71%.

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.