1st Source Corporation $SRCE Shares Sold by Indiana Trust & Investment Management Co

Indiana Trust & Investment Management Co trimmed its position in shares of 1st Source Corporation (NASDAQ:SRCE) by 20.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 27,159 shares of the financial services provider’s stock after selling 7,063 shares during the period. Indiana Trust & Investment Management Co’s holdings in 1st Source were worth $1,697,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Kelman Lazarov Inc. acquired a new stake in 1st Source during the 3rd quarter valued at $1,442,000. American Century Companies Inc. grew its stake in 1st Source by 30.7% during the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after purchasing an additional 79,614 shares in the last quarter. JPMorgan Chase & Co. grew its stake in 1st Source by 40.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after purchasing an additional 22,525 shares in the last quarter. Semanteon Capital Management LP acquired a new stake in 1st Source during the 3rd quarter valued at approximately $570,000. Finally, AlphaQuest LLC grew its stake in 1st Source by 507.5% during the 3rd quarter. AlphaQuest LLC now owns 8,985 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 7,506 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SRCE has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. DA Davidson raised their price objective on 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, 1st Source has an average rating of “Moderate Buy” and a consensus target price of $75.33.

1st Source Price Performance

Shares of SRCE stock opened at $71.88 on Wednesday. The firm has a market cap of $1.75 billion, a P/E ratio of 11.21 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. 1st Source Corporation has a 1-year low of $52.57 and a 1-year high of $72.11. The firm has a fifty day moving average of $68.70 and a two-hundred day moving average of $64.70.

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

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were given a $0.40 dividend. The ex-dividend date was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.2%. 1st Source’s dividend payout ratio (DPR) is presently 24.96%.

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.