Goldman Sachs Group Inc. lowered its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 228,426 shares of the financial services provider’s stock after selling 5,427 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.89% of 1st Source worth $8,128,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in SRCE. Acadian Asset Management LLC boosted its position in 1st Source by 75.9% during the 1st quarter. Acadian Asset Management LLC now owns 79,374 shares of the financial services provider’s stock valued at $2,573,000 after purchasing an additional 34,240 shares during the period. Wellington Management Group LLP boosted its position in 1st Source by 3.2% during the 1st quarter. Wellington Management Group LLP now owns 982,898 shares of the financial services provider’s stock valued at $31,875,000 after purchasing an additional 30,660 shares during the period. BlackRock Inc. boosted its position in 1st Source by 2.5% during the 1st quarter. BlackRock Inc. now owns 1,165,777 shares of the financial services provider’s stock valued at $37,806,000 after purchasing an additional 28,017 shares during the period. Boston Trust Walden Corp boosted its position in 1st Source by 9.7% during the 2nd quarter. Boston Trust Walden Corp now owns 278,939 shares of the financial services provider’s stock valued at $9,925,000 after purchasing an additional 24,623 shares during the period. Finally, Two Sigma Investments LP acquired a new position in 1st Source during the 1st quarter worth $564,000. Institutional investors and hedge funds own 71.78% of the company’s stock.
Shares of 1st Source stock opened at $32.79 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm has a market cap of $837.78 million, a price-to-earnings ratio of 10.34 and a beta of 1.10. The business has a fifty day simple moving average of $34.46 and a 200-day simple moving average of $34.00. 1st Source Co. has a fifty-two week low of $26.07 and a fifty-two week high of $53.42.
1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.15. The business had revenue of $79.24 million during the quarter, compared to analyst estimates of $77.65 million. 1st Source had a return on equity of 9.40% and a net margin of 21.68%. Analysts anticipate that 1st Source Co. will post 2.91 earnings per share for the current fiscal year.
A number of brokerages have issued reports on SRCE. ValuEngine lowered 1st Source from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Piper Sandler boosted their price target on 1st Source from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. BidaskClub lowered 1st Source from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Zacks Investment Research upgraded 1st Source from a “sell” rating to a “hold” rating in a research report on Wednesday, July 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $51.00.
1st Source Profile
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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