KLP Kapitalforvaltning AS Sells 1,000 Shares of 1st Source Corporation (NASDAQ:SRCE)

KLP Kapitalforvaltning AS reduced its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 23.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,300 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in 1st Source were worth $197,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in shares of 1st Source during the first quarter valued at $398,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in 1st Source by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider’s stock worth $831,000 after acquiring an additional 1,544 shares during the period. Deutsche Bank AG grew its holdings in 1st Source by 59.5% during the 4th quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider’s stock worth $971,000 after acquiring an additional 6,203 shares in the last quarter. Cerity Partners LLC purchased a new position in 1st Source during the 1st quarter valued at about $610,000. Finally, GAMMA Investing LLC increased its position in 1st Source by 5,970.1% during the 1st quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider’s stock valued at $973,000 after purchasing an additional 16,000 shares during the period. 74.45% of the stock is owned by institutional investors.

1st Source Stock Performance

SRCE stock opened at $59.82 on Friday. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 10.48 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a 50-day simple moving average of $61.94 and a two-hundred day simple moving average of $61.12.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.02. The firm had revenue of $108.25 million for the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. On average, equities analysts forecast that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 5th. 1st Source’s dividend payout ratio is currently 26.62%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Tuesday. Piper Sandler boosted their price objective on shares of 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday. DA Davidson increased their target price on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday.

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.