IFG Advisory LLC Decreases Stock Position in 1st Source Co. (NASDAQ:SRCE)

IFG Advisory LLC cut its stake in 1st Source Co. (NASDAQ:SRCE) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,767 shares of the financial services provider’s stock after selling 241 shares during the period. IFG Advisory LLC owned about 0.07% of 1st Source worth $976,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its holdings in 1st Source by 5.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,726 shares of the financial services provider’s stock worth $173,000 after buying an additional 203 shares during the last quarter. Legal & General Group Plc lifted its holdings in 1st Source by 1.5% during the 2nd quarter. Legal & General Group Plc now owns 15,244 shares of the financial services provider’s stock worth $692,000 after buying an additional 226 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in 1st Source by 1.8% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 14,570 shares of the financial services provider’s stock worth $675,000 after buying an additional 264 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in 1st Source by 53.7% during the 1st quarter. Lazard Asset Management LLC now owns 841 shares of the financial services provider’s stock worth $38,000 after buying an additional 294 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 1st Source by 0.3% during the 1st quarter. Bank of New York Mellon Corp now owns 117,675 shares of the financial services provider’s stock worth $5,443,000 after buying an additional 321 shares during the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

1st Source Stock Performance

Shares of SRCE stock opened at $51.66 on Thursday. The stock has a market capitalization of $1.26 billion, a PE ratio of 10.27 and a beta of 0.79. 1st Source Co. has a 52-week low of $38.77 and a 52-week high of $56.59. The stock’s 50-day moving average price is $51.00 and its 200 day moving average price is $48.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.10.

1st Source (NASDAQ:SRCE) last released its earnings results on Tuesday, February 20th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter. 1st Source had a return on equity of 12.49% and a net margin of 24.61%. The company had revenue of $91.41 million for the quarter, compared to analysts’ expectations of $91.20 million. As a group, equities research analysts forecast that 1st Source Co. will post 4.5 EPS for the current year.

1st Source Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 5th were issued 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 was Friday, February 2nd. 1st Source’s dividend payout ratio is currently 27.04%.

Analyst Upgrades and Downgrades

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

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.