Legal & General Group Plc Has $1.25 Million Stock Position in 1st Source Co. (NASDAQ:SRCE)

Legal & General Group Plc cut its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 9.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,363 shares of the financial services provider’s stock after selling 2,263 shares during the quarter. Legal & General Group Plc owned about 0.09% of 1st Source worth $1,247,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its stake in 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock valued at $34,616,000 after purchasing an additional 6,569 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of 1st Source by 2.6% during the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock worth $30,349,000 after purchasing an additional 13,273 shares during the period. Geode Capital Management LLC raised its position in shares of 1st Source by 0.9% during the third quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after buying an additional 3,780 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after buying an additional 32,257 shares during the period. Finally, Bank of New York Mellon Corp grew its position in 1st Source by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider’s stock worth $7,167,000 after buying an additional 1,598 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on SRCE shares. Keefe, Bruyette & Woods raised their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Thursday. Finally, Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $72.50 in a research note on Monday, January 27th.

1st Source Trading Down 1.4 %

Shares of SRCE stock opened at $57.93 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.42 billion, a P/E ratio of 10.81 and a beta of 0.67. 1st Source Co. has a 12-month low of $48.97 and a 12-month high of $68.13. The firm has a 50-day moving average price of $59.60 and a 200 day moving average price of $61.04.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. The business had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. Research analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.62%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

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.