Financial Counselors Inc. Trims Holdings in 1st Source Co. (NASDAQ:SRCE)

Financial Counselors Inc. lessened its stake in 1st Source Co. (NASDAQ:SRCE) by 7.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,683 shares of the financial services provider’s stock after selling 1,249 shares during the period. Financial Counselors Inc. owned about 0.06% of 1st Source worth $857,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS bought a new stake in shares of 1st Source in the 4th quarter worth about $251,000. Sei Investments Co. grew its stake in 1st Source by 91.3% in the fourth quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock worth $3,123,000 after purchasing an additional 25,528 shares in the last quarter. American Century Companies Inc. grew its stake in 1st Source by 30.5% in the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock worth $6,985,000 after purchasing an additional 27,966 shares in the last quarter. Intech Investment Management LLC bought a new stake in 1st Source in the fourth quarter valued at about $502,000. Finally, Picton Mahoney Asset Management raised its stake in 1st Source by 105.6% during the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock valued at $111,000 after buying an additional 977 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, March 22nd.

1st Source Stock Down 1.7 %

NASDAQ:SRCE opened at $60.25 on Friday. The firm has a market capitalization of $1.48 billion, a PE ratio of 11.24 and a beta of 0.78. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. 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 stock has a 50 day moving average of $62.79 and a 200-day moving average of $61.50.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping 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 predict that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

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.