Denali Advisors LLC Cuts Stake in 1st Source Co. (NASDAQ:SRCE)

Denali Advisors LLC reduced its position in 1st Source Co. (NASDAQ:SRCE) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,000 shares of the financial services provider’s stock after selling 2,500 shares during the quarter. Denali Advisors LLC’s holdings in 1st Source were worth $6,655,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of 1st Source by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock valued at $35,112,000 after purchasing an additional 1,872 shares in the last quarter. State Street Corp increased its holdings in 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after buying an additional 9,235 shares during the period. Geode Capital Management LLC lifted its holdings in 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 worth $25,959,000 after buying an additional 3,780 shares during the period. Bank of New York Mellon Corp boosted its position in 1st Source by 1.3% during the 4th quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider’s stock valued at $7,167,000 after acquiring an additional 1,598 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of 1st Source by 6.1% in the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock valued at $7,223,000 after acquiring an additional 6,981 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SRCE. Keefe, Bruyette & Woods upped their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their price target for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Wednesday, February 19th.

1st Source Stock Performance

Shares of SRCE stock opened at $64.94 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.59 billion, a PE ratio of 12.12 and a beta of 0.81. 1st Source Co. has a 12-month low of $47.30 and a 12-month high of $68.13. The business’s fifty day simple moving average is $60.93 and its 200-day simple moving average is $61.06.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Analysts expect that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is presently 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.