Bessemer Group Inc. Reduces Holdings in 1st Source Co. (SRCE)
Bessemer Group Inc. reduced its position in 1st Source Co. (NASDAQ:SRCE) by 23.3% during the 4th quarter, Holdings Channel reports. The firm owned 22,210 shares of the financial services provider’s stock after selling 6,741 shares during the quarter. Bessemer Group Inc.’s holdings in 1st Source were worth $1,098,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in 1st Source by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock worth $34,129,000 after purchasing an additional 26,341 shares during the last quarter. Janus Henderson Group PLC increased its position in 1st Source by 5.7% in the 3rd quarter. Janus Henderson Group PLC now owns 401,064 shares of the financial services provider’s stock worth $20,374,000 after purchasing an additional 21,502 shares during the last quarter. State Street Corp increased its position in 1st Source by 5.5% in the 2nd quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock worth $14,714,000 after purchasing an additional 16,134 shares during the last quarter. Northern Trust Corp increased its position in 1st Source by 1.8% in the 2nd quarter. Northern Trust Corp now owns 260,547 shares of the financial services provider’s stock worth $12,491,000 after purchasing an additional 4,542 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in 1st Source by 2.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 141,806 shares of the financial services provider’s stock worth $7,013,000 after purchasing an additional 2,715 shares during the last quarter. 70.25% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on SRCE shares. Zacks Investment Research raised 1st Source from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $53.00 price objective on shares of 1st Source in a report on Friday, December 22nd. ValuEngine raised 1st Source from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Piper Jaffray Companies reissued a “buy” rating and set a $59.00 price objective on shares of 1st Source in a report on Tuesday, January 9th. Finally, DA Davidson reissued a “hold” rating and set a $53.00 price objective on shares of 1st Source in a report on Monday, October 23rd. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $56.25.
1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.07). The company had revenue of $74.49 million for the quarter, compared to analyst estimates of $71.40 million. 1st Source had a net margin of 21.88% and a return on equity of 9.37%. analysts expect that 1st Source Co. will post 3.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Monday, February 5th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.80%. This is a positive change from 1st Source’s previous quarterly dividend of $0.20. 1st Source’s dividend payout ratio (DPR) is 35.06%.
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1st Source Profile
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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