Public Employees Retirement System of Ohio raised its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 42.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,027 shares of the financial services provider’s stock after buying an additional 1,801 shares during the period. Public Employees Retirement System of Ohio’s holdings in 1st Source Corporation were worth $283,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Karp Capital Management Corp bought a new position in shares of 1st Source Corporation during the first quarter valued at $206,000. Virginia Retirement Systems ET AL acquired a new stake in 1st Source Corporation during the first quarter worth approximately $211,000. Citadel Advisors LLC acquired a new stake in 1st Source Corporation during the first quarter worth approximately $225,000. Bank of America Corp DE boosted its stake in 1st Source Corporation by 11.6% in the first quarter. Bank of America Corp DE now owns 5,974 shares of the financial services provider’s stock worth $280,000 after buying an additional 620 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new stake in 1st Source Corporation during the first quarter worth approximately $291,000. 69.53% of the stock is owned by institutional investors and hedge funds.
1st Source Corporation (SRCE) opened at 46.10 on Friday. The stock’s 50 day moving average price is $48.32 and its 200 day moving average price is $47.12. 1st Source Corporation has a one year low of $33.27 and a one year high of $50.78. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 19.28 and a beta of 1.03.
1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. The company had revenue of $70 million for the quarter, compared to analyst estimates of $68.90 million. Equities analysts predict that 1st Source Corporation will post $2.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Thursday, August 3rd. 1st Source Corporation’s dividend payout ratio is presently 31.80%.
A number of research firms have recently commented on SRCE. Zacks Investment Research upgraded 1st Source Corporation from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Wednesday, April 26th. Piper Jaffray Companies set a $55.00 price objective on 1st Source Corporation and gave the stock a “buy” rating in a report on Wednesday, July 26th. BidaskClub raised 1st Source Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price objective on shares of 1st Source Corporation in a report on Sunday, July 23rd. Finally, ValuEngine raised 1st Source Corporation from a “hold” rating to a “buy” rating in a report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $51.00.
1st Source Corporation Company Profile
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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