Metropolitan Life Insurance Co. NY Has $501,000 Stake in 1st Source Co. (NASDAQ:SRCE)
Metropolitan Life Insurance Co. NY lowered its position in 1st Source Co. (NASDAQ:SRCE) by 5.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,679 shares of the financial services provider’s stock after selling 626 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in 1st Source were worth $501,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Karp Capital Management Corp acquired a new position in shares of 1st Source during the first quarter worth about $206,000. Virginia Retirement Systems ET AL acquired a new position in shares of 1st Source during the first quarter worth about $211,000. Citadel Advisors LLC acquired a new position in shares of 1st Source during the first quarter worth about $225,000. Bank of America Corp DE raised its position in shares of 1st Source by 11.6% in the first quarter. Bank of America Corp DE now owns 5,974 shares of the financial services provider’s stock worth $280,000 after buying an additional 620 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new position in shares of 1st Source during the first quarter worth about $291,000. Hedge funds and other institutional investors own 69.54% of the company’s stock.
1st Source Co. (SRCE) traded down 1.40% during mid-day trading on Friday, hitting $46.42. 30,715 shares of the company traded hands. The firm has a 50 day moving average of $48.45 and a 200 day moving average of $47.10. 1st Source Co. has a one year low of $33.27 and a one year high of $50.78. The firm has a market capitalization of $1.20 billion, a P/E ratio of 19.41 and a beta of 1.03.
1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. The company had revenue of $70 million during the quarter, compared to analysts’ expectations of $68.90 million. 1st Source had a net margin of 23.81% and a return on equity of 9.58%. Equities research analysts expect that 1st Source Co. will post $2.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be paid a dividend of $0.19 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.76 annualized dividend and a yield of 1.64%. 1st Source’s dividend payout ratio is currently 31.80%.
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SRCE has been the topic of a number of analyst reports. ValuEngine upgraded shares of 1st Source from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of 1st Source from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, April 26th. Piper Jaffray Companies set a $55.00 price target on shares of 1st Source and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price target on shares of 1st Source in a research report on Sunday, July 23rd. Finally, BidaskClub upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $52.33.
About 1st Source
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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