Indiana Trust & Investment Management Co Lowers Position in 1st Source Co. (NASDAQ:SRCE)

Indiana Trust & Investment Management Co decreased its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 4.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,505 shares of the financial services provider’s stock after selling 2,250 shares during the period. 1st Source comprises about 0.9% of Indiana Trust & Investment Management Co’s holdings, making the stock its 20th largest position. Indiana Trust & Investment Management Co owned approximately 0.19% of 1st Source worth $2,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of SRCE. LRI Investments LLC purchased a new position in 1st Source during the first quarter worth about $48,000. CWM LLC boosted its position in 1st Source by 726.1% in the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,198 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 218 shares during the period. AMI Investment Management Inc. purchased a new stake in shares of 1st Source during the 3rd quarter valued at $206,000. Finally, Acadian Asset Management LLC raised its stake in shares of 1st Source by 310.5% during the 1st quarter. Acadian Asset Management LLC now owns 4,142 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 3,133 shares during the period. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

Shares of SRCE stock traded up $1.21 on Wednesday, hitting $61.88. 41,703 shares of the stock were exchanged, compared to its average volume of 71,702. 1st Source Co. has a one year low of $42.33 and a one year high of $65.63. The firm’s 50 day moving average is $59.00 and its two-hundred day moving average is $55.10. The firm has a market capitalization of $1.52 billion, a PE ratio of 11.76 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. The firm had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same quarter last year, the company earned $1.30 earnings per share. Sell-side analysts expect that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.33%. This is an increase from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio is currently 27.91%.

Analysts Set New Price Targets

A number of analysts recently issued reports on SRCE shares. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source 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.