Reinhart Partners Inc. trimmed its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,517 shares of the financial services provider’s stock after selling 838 shares during the period. Reinhart Partners Inc.’s holdings in 1st Source were worth $6,426,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in SRCE. Denali Advisors LLC increased its position in shares of 1st Source by 1,066.7% during the second quarter. Denali Advisors LLC now owns 700 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 640 shares during the period. KBC Group NV purchased a new position in 1st Source during the second quarter valued at approximately $94,000. First Quadrant L P CA purchased a new position in 1st Source during the third quarter valued at approximately $96,000. Marshall Wace LLP purchased a new position in 1st Source during the first quarter valued at approximately $168,000. Finally, Alberta Investment Management Corp purchased a new position in 1st Source during the second quarter valued at approximately $204,000. 70.91% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on SRCE shares. BidaskClub raised shares of 1st Source from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. ValuEngine raised shares of 1st Source from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. Finally, Zacks Investment Research upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th.
Shares of NASDAQ:SRCE traded down $0.09 on Friday, hitting $51.72. 28,600 shares of the company were exchanged, compared to its average volume of 44,965. 1st Source Co. has a 1-year low of $38.44 and a 1-year high of $52.88. 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 stock’s 50 day moving average price is $48.06 and its 200 day moving average price is $46.12. The firm has a market capitalization of $1.33 billion, a P/E ratio of 16.37 and a beta of 1.06.
1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.06. The company had revenue of $82.96 million during the quarter, compared to analysts’ expectations of $81.60 million. 1st Source had a net margin of 23.97% and a return on equity of 11.50%. On average, equities analysts predict that 1st Source Co. will post 3.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.29 per share. The ex-dividend date is Monday, November 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from 1st Source’s previous quarterly dividend of $0.27. 1st Source’s payout ratio is currently 36.71%.
In related news, Director John Afleck-Graves bought 2,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $44.34 per share, with a total value of $88,680.00. Following the completion of the purchase, the director now directly owns 2,000 shares of the company’s stock, valued at $88,680. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 20.01% of the stock is owned by insiders.
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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