Handelsbanken Fonder AB Takes $228,000 Position in 1st Source Co. (NASDAQ:SRCE)

Handelsbanken Fonder AB bought a new stake in 1st Source Co. (NASDAQ:SRCE) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,151 shares of the financial services provider’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in 1st Source during the 4th quarter valued at approximately $188,000. Harbour Trust & Investment Management Co purchased a new stake in shares of 1st Source during the fourth quarter worth approximately $218,000. Pathstone Family Office LLC acquired a new stake in shares of 1st Source during the third quarter worth $206,000. Principal Financial Group Inc. purchased a new position in 1st Source in the 3rd quarter valued at $216,000. Finally, Raymond James & Associates acquired a new position in 1st Source in the 3rd quarter valued at $228,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Insider Buying and Selling at 1st Source

In related news, EVP Jeffrey L. Buhr sold 761 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total value of $39,206.72. Following the sale, the executive vice president now directly owns 70,252 shares in the company, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 19.30% of the stock is owned by corporate insiders.

1st Source Price Performance

1st Source stock opened at $51.45 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. 1st Source Co. has a one year low of $38.77 and a one year high of $56.59. The business has a fifty day moving average of $50.18 and a two-hundred day moving average of $50.24. The company has a market cap of $1.26 billion, a P/E ratio of 10.35 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The company had revenue of $138.62 million during the quarter, compared to analysts’ expectations of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same period last year, the company posted $1.25 earnings per share. As a group, analysts predict that 1st Source Co. will post 4.84 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 2.64%. 1st Source’s payout ratio is 27.36%.

Analysts Set New Price Targets

Several analysts have recently commented on SRCE shares. Piper Sandler raised their target price on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Keefe, Bruyette & Woods lifted their price objective on 1st Source from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Monday, January 22nd.

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.