Voya Investment Management LLC Cuts Holdings in 1st Source Co. (NASDAQ:SRCE)

Voya Investment Management LLC decreased its stake in 1st Source Co. (NASDAQ:SRCE) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,953 shares of the financial services provider’s stock after selling 364 shares during the period. Voya Investment Management LLC’s holdings in 1st Source were worth $406,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in 1st Source in the fourth quarter valued at $2,984,000. JPMorgan Chase & Co. increased its position in shares of 1st Source by 35.4% during the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after purchasing an additional 32,257 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of 1st Source by 30.5% during the 4th quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock valued at $6,985,000 after buying an additional 27,966 shares in the last quarter. Barclays PLC raised its holdings in shares of 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after buying an additional 25,687 shares in the last quarter. Finally, Sei Investments Co. lifted its position in 1st Source by 91.3% in the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock worth $3,123,000 after buying an additional 25,528 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SRCE shares. Piper Sandler increased their price target on shares of 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Saturday.

1st Source Price Performance

SRCE opened at $61.24 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1 year low of $48.97 and a 1 year high of $68.13. The stock’s 50 day simple moving average is $58.83 and its 200 day simple moving average is $61.05. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 11.43 and a beta of 0.69.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.16. The company had revenue of $104.04 million during the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, analysts predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be issued a dividend of $0.38 per share. 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 2.48%. The ex-dividend date of this dividend is Monday, May 5th. 1st Source’s dividend payout ratio is currently 26.71%.

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.