Reinhart Partners Inc. lessened its holdings in 1st Source Co. (NASDAQ:SRCE) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,517 shares of the financial services provider’s stock after selling 838 shares during the period. Reinhart Partners Inc. owned about 0.55% of 1st Source worth $6,426,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Marshall Wace LLP purchased a new stake in 1st Source during the first quarter worth about $168,000. Denali Advisors LLC boosted its position in shares of 1st Source by 1,066.7% in the second quarter. Denali Advisors LLC now owns 700 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 640 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in shares of 1st Source in the second quarter worth approximately $226,000. Bessemer Group Inc. boosted its position in shares of 1st Source by 38.8% in the second quarter. Bessemer Group Inc. now owns 44,380 shares of the financial services provider’s stock worth $2,059,000 after purchasing an additional 12,400 shares during the period. Finally, KBC Group NV bought a new position in shares of 1st Source in the second quarter worth approximately $94,000. Institutional investors own 70.91% of the company’s stock.
SRCE has been the subject of a number of recent research reports. BidaskClub upgraded shares of 1st Source from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. ValuEngine upgraded 1st Source from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, Zacks Investment Research upgraded 1st Source from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th.
SRCE traded down $0.09 on Friday, reaching $51.72. The stock had a trading volume of 28,600 shares, compared to its average volume of 44,965. 1st Source Co. has a 12-month low of $38.44 and a 12-month high of $52.88. The company has a market cap of $1.33 billion, a P/E ratio of 16.37 and a beta of 1.06. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $48.06 and its two-hundred day moving average price is $46.12.
1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.06. The company had revenue of $82.96 million during the quarter, compared to the consensus estimate of $81.60 million. 1st Source had a net margin of 23.97% and a return on equity of 11.50%. As a group, analysts predict that 1st Source Co. will post 3.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a yield of 2.24%. 1st Source’s payout ratio is currently 36.71%.
About 1st Source
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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