Indiana Trust & Investment Management Co Sells 550 Shares of 1st Source Co. (NASDAQ:SRCE)

Indiana Trust & Investment Management Co lowered its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,955 shares of the financial services provider’s stock after selling 550 shares during the period. 1st Source makes up about 0.9% of Indiana Trust & Investment Management Co’s holdings, making the stock its 19th biggest position. Indiana Trust & Investment Management Co’s holdings in 1st Source were worth $2,683,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Jane Street Group LLC grew its position in shares of 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after buying an additional 21,254 shares during the period. State Street Corp increased its holdings in shares of 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after acquiring an additional 9,235 shares in the last quarter. Barclays PLC raised its position in shares of 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after purchasing an additional 28,648 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after purchasing an additional 24,470 shares during the period. 74.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several research reports. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, February 1st.

1st Source Price Performance

SRCE opened at $67.65 on Wednesday. 1st Source Co. has a 1 year low of $47.30 and a 1 year high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 12.62 and a beta of 0.81. The firm’s fifty day moving average price is $60.58 and its two-hundred day moving average price is $60.68.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. As a group, analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

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.