1st Source Co. (NASDAQ:SRCE) Shares Purchased by Indiana Trust & Investment Management CO

Indiana Trust & Investment Management CO boosted its holdings in 1st Source Co. (NASDAQ:SRCE) by 12.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 50,032 shares of the financial services provider’s stock after buying an additional 5,444 shares during the quarter. 1st Source accounts for 1.1% of Indiana Trust & Investment Management CO’s holdings, making the stock its 18th largest position. Indiana Trust & Investment Management CO’s holdings in 1st Source were worth $2,623,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC purchased a new position in 1st Source during the 4th quarter worth approximately $27,000. PNC Financial Services Group Inc. lifted its stake in shares of 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 last quarter. SG Americas Securities LLC acquired a new stake in shares of 1st Source in the 4th quarter valued at $188,000. Harbour Trust & Investment Management Co acquired a new stake in shares of 1st Source in the 4th quarter valued at $218,000. Finally, Handelsbanken Fonder AB bought a new position in 1st Source in the 4th quarter worth $228,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

Insider Buying and Selling at 1st Source

In other 1st Source news, EVP Jeffrey L. Buhr sold 1,925 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the transaction, the executive vice president now directly owns 68,327 shares in the company, valued at $3,473,744.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Daniel B. Fitzpatrick bought 1,000 shares of 1st Source stock in a transaction dated Wednesday, May 29th. The shares were bought at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the transaction, the director now owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the transaction, the executive vice president now owns 68,327 shares in the company, valued at $3,473,744.68. The disclosure for this sale can be found here. Company insiders own 19.30% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler lifted their target price on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, April 29th.

1st Source Stock Performance

Shares of NASDAQ:SRCE traded up $1.74 on Friday, hitting $53.62. 489,677 shares of the company were exchanged, compared to its average volume of 62,943. The company’s 50 day moving average price is $50.90 and its two-hundred day moving average price is $51.31. 1st Source Co. has a one year low of $40.96 and a one year high of $56.59. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.44 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The business had revenue of $138.62 million for the quarter, compared to analysts’ expectations of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Research analysts expect that 1st Source Co. will post 4.84 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were paid a $0.34 dividend. The ex-dividend date was Friday, May 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 2.54%. 1st Source’s payout ratio is currently 27.36%.

1st Source Company 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.