Charles Schwab Investment Management Inc. Has $34.62 Million Position in 1st Source Co. (NASDAQ:SRCE)

Charles Schwab Investment Management Inc. increased its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 592,941 shares of the financial services provider’s stock after acquiring an additional 6,569 shares during the period. Charles Schwab Investment Management Inc. owned about 2.42% of 1st Source worth $34,616,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Valeo Financial Advisors LLC boosted its position in 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock valued at $591,000 after buying an additional 221 shares in the last quarter. Jones Financial Companies Lllp boosted its position in 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after buying an additional 465 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in 1st Source by 1.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock valued at $3,618,000 after buying an additional 600 shares in the last quarter. Rhumbline Advisers boosted its position in 1st Source by 1.6% in the fourth quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider’s stock valued at $2,466,000 after buying an additional 656 shares in the last quarter. Finally, R Squared Ltd acquired a new position in 1st Source in the fourth quarter valued at about $40,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SRCE has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Price Performance

Shares of SRCE stock opened at $61.09 on Monday. 1st Source Co. has a 1 year low of $47.30 and a 1 year high of $68.13. The firm’s 50 day moving average is $61.84 and its 200-day moving average is $61.40. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 11.40 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Sell-side analysts forecast that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.36%. 1st Source’s dividend payout ratio is currently 26.87%.

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.