Charles Schwab Investment Management Inc. Raises Stock Holdings in 1st Source Corporation $SRCE

Charles Schwab Investment Management Inc. increased its position in 1st Source Corporation (NASDAQ:SRCE) by 3.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 612,000 shares of the financial services provider’s stock after purchasing an additional 19,059 shares during the period. Charles Schwab Investment Management Inc. owned 2.49% of 1st Source worth $36,604,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after purchasing an additional 140,698 shares during the period. Picton Mahoney Asset Management grew its stake in shares of 1st Source by 265.1% in the first quarter. Picton Mahoney Asset Management now owns 6,944 shares of the financial services provider’s stock worth $414,000 after acquiring an additional 5,042 shares during the last quarter. Legato Capital Management LLC grew its stake in shares of 1st Source by 7.4% in the first quarter. Legato Capital Management LLC now owns 27,258 shares of the financial services provider’s stock worth $1,630,000 after acquiring an additional 1,878 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of 1st Source by 13.8% in the first quarter. Victory Capital Management Inc. now owns 9,829 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 1,193 shares during the last quarter. Finally, Isthmus Partners LLC grew its stake in shares of 1st Source by 0.8% in the first quarter. Isthmus Partners LLC now owns 55,082 shares of the financial services provider’s stock worth $3,294,000 after acquiring an additional 433 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Up 1.2%

Shares of NASDAQ:SRCE opened at $61.20 on Tuesday. The company has a market cap of $1.50 billion, a P/E ratio of 10.72 and a beta of 0.71. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $68.13. The stock’s fifty day moving average price is $61.76 and its 200-day moving average price is $61.19.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. The company had revenue of $108.25 million for the quarter, compared to the consensus estimate of $104.67 million. Sell-side analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.5%. 1st Source’s dividend payout ratio is currently 26.62%.

Analyst Ratings Changes

A number of research firms have recently commented on SRCE. DA Davidson increased their target price on 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of 1st Source in a report on Thursday, August 14th. Piper Sandler upped their price target on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday, July 28th.

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.