Granite Investment Partners LLC Sells 16,995 Shares of 1st Source Corporation $SRCE

Granite Investment Partners LLC trimmed its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 34.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,649 shares of the financial services provider’s stock after selling 16,995 shares during the period. Granite Investment Partners LLC owned approximately 0.13% of 1st Source worth $1,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its holdings in 1st Source by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 480,822 shares of the financial services provider’s stock worth $29,846,000 after buying an additional 19,596 shares in the last quarter. Kennedy Capital Management LLC raised its position in shares of 1st Source by 3.8% during the second quarter. Kennedy Capital Management LLC now owns 278,829 shares of the financial services provider’s stock worth $17,307,000 after acquiring an additional 10,184 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of 1st Source by 37.6% during the second quarter. American Century Companies Inc. now owns 259,724 shares of the financial services provider’s stock valued at $16,121,000 after acquiring an additional 70,961 shares during the period. Millennium Management LLC boosted its holdings in 1st Source by 18.9% in the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after acquiring an additional 38,610 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its position in 1st Source by 1.3% in the second quarter. Bridgeway Capital Management LLC now owns 207,208 shares of the financial services provider’s stock worth $12,861,000 after purchasing an additional 2,730 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

SRCE has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. DA Davidson boosted their price target on shares of 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. Finally, Piper Sandler raised their price objective on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $75.33.

1st Source Stock Down 3.7%

1st Source stock opened at $68.00 on Tuesday. The company has a 50 day moving average of $66.39 and a 200-day moving average of $63.53. The stock has a market capitalization of $1.65 billion, a PE ratio of 10.61 and a beta of 0.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $71.98.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. The company had revenue of $115.39 million for the quarter. On average, equities research analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Tuesday, February 3rd were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. 1st Source’s payout ratio is currently 24.96%.

Insider Transactions at 1st Source

In related news, VP John B. Griffith sold 1,900 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the completion of the transaction, the vice president directly owned 65,976 shares of the company’s stock, valued at approximately $4,355,075.76. This represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 19.55% of the company’s stock.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.