Granite Investment Partners LLC Sells 7,893 Shares of 1st Source Corporation $SRCE

Granite Investment Partners LLC trimmed its holdings in 1st Source Corporation (NASDAQ:SRCE) by 14.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,644 shares of the financial services provider’s stock after selling 7,893 shares during the quarter. Granite Investment Partners LLC owned about 0.20% of 1st Source worth $3,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of SRCE. Vanguard Group Inc. grew its holdings in 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after purchasing an additional 140,698 shares during the period. Nuveen LLC purchased a new stake in shares of 1st Source in the 1st quarter worth approximately $7,012,000. Hotchkis & Wiley Capital Management LLC grew its stake in shares of 1st Source by 157.4% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider’s stock worth $9,061,000 after buying an additional 92,650 shares during the last quarter. American Century Companies Inc. increased its position in 1st Source by 37.6% during the 2nd quarter. American Century Companies Inc. now owns 259,724 shares of the financial services provider’s stock valued at $16,121,000 after buying an additional 70,961 shares in the last quarter. Finally, Millennium Management LLC raised its stake in 1st Source by 18.9% during the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after buying an additional 38,610 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Price Performance

NASDAQ SRCE opened at $63.62 on Wednesday. 1st Source Corporation has a one year low of $52.14 and a one year high of $67.77. The stock has a 50-day moving average of $60.75 and a 200 day moving average of $61.66. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 10.59 and a beta of 0.70.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.12. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. The firm had revenue of $110.26 million for the quarter, compared to the consensus estimate of $109.46 million. On average, sell-side analysts forecast that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were given a $0.40 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. 1st Source’s payout ratio is presently 26.62%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Zacks Research cut 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Monday. Finally, DA Davidson lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, 1st Source has an average rating of “Hold” and an average price target of $72.67.

1st Source 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.