IFG Advisory LLC Has $976,000 Stake in 1st Source Co. (NASDAQ:SRCE)

IFG Advisory LLC decreased its holdings in 1st Source Co. (NASDAQ:SRCE) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,767 shares of the financial services provider’s stock after selling 241 shares during the quarter. IFG Advisory LLC’s holdings in 1st Source were worth $976,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of SRCE. Norges Bank acquired a new stake in 1st Source in the 4th quarter worth about $6,163,000. Millennium Management LLC raised its position in shares of 1st Source by 913.6% in the 4th quarter. Millennium Management LLC now owns 92,272 shares of the financial services provider’s stock valued at $4,899,000 after buying an additional 83,169 shares in the last quarter. State Street Corp raised its position in shares of 1st Source by 12.2% in the 1st quarter. State Street Corp now owns 531,972 shares of the financial services provider’s stock valued at $24,604,000 after buying an additional 57,730 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 1st Source by 11.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 445,854 shares of the financial services provider’s stock valued at $23,670,000 after buying an additional 44,557 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of 1st Source by 2.9% in the 3rd quarter. BlackRock Inc. now owns 1,413,016 shares of the financial services provider’s stock valued at $65,422,000 after buying an additional 39,193 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their target price on shares of 1st Source from $52.00 to $53.00 and gave the company a “market perform” rating in a research report on Monday, January 22nd.

Insider Activity

In other news, EVP Jeffrey L. Buhr sold 761 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total value of $39,206.72. Following the sale, the executive vice president now directly owns 70,252 shares of the company’s stock, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 19.30% of the company’s stock.

1st Source Price Performance

SRCE stock opened at $51.66 on Thursday. The company has a 50 day simple moving average of $51.00 and a 200 day simple moving average of $48.90. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 10.27 and a beta of 0.79. 1st Source Co. has a 1 year low of $38.77 and a 1 year high of $56.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92.

1st Source (NASDAQ:SRCE) last posted its earnings results on Tuesday, February 20th. The financial services provider reported $1.16 earnings per share for the quarter. 1st Source had a net margin of 24.61% and a return on equity of 12.49%. The firm had revenue of $91.41 million for the quarter, compared to analyst estimates of $91.20 million. Research analysts anticipate that 1st Source Co. will post 4.5 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Friday, February 2nd. 1st Source’s dividend payout ratio is currently 27.04%.

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.