Bank of New York Mellon Corp Has $6.02 Million Stake in 1st Source Co. (SRCE)

Bank of New York Mellon Corp lifted its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 1.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 114,465 shares of the financial services provider’s stock after acquiring an additional 1,652 shares during the period. Bank of New York Mellon Corp’s holdings in 1st Source were worth $6,023,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in 1st Source by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 243,772 shares of the financial services provider’s stock worth $12,828,000 after purchasing an additional 1,177 shares in the last quarter. Wells Fargo & Company MN raised its holdings in 1st Source by 5.9% during the third quarter. Wells Fargo & Company MN now owns 23,213 shares of the financial services provider’s stock worth $1,221,000 after purchasing an additional 1,301 shares in the last quarter. Engineers Gate Manager LP bought a new stake in 1st Source during the third quarter worth approximately $237,000. Bank of Montreal Can raised its holdings in 1st Source by 27.0% during the third quarter. Bank of Montreal Can now owns 45,113 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 9,582 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in 1st Source by 6.8% during the third quarter. First Trust Advisors LP now owns 76,144 shares of the financial services provider’s stock worth $4,007,000 after purchasing an additional 4,878 shares in the last quarter. Institutional investors and hedge funds own 71.03% of the company’s stock.

Several equities research analysts recently commented on SRCE shares. BidaskClub cut 1st Source from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 18th. Zacks Investment Research raised 1st Source from a “sell” rating to a “hold” rating in a report on Thursday, December 20th. Finally, ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a report on Friday, January 25th.



NASDAQ SRCE opened at $46.11 on Tuesday. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 1.30 and a beta of 1.13. 1st Source Co. has a 1 year low of $38.44 and a 1 year high of $59.33. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.04). The company had revenue of $80.00 million during the quarter, compared to the consensus estimate of $78.90 million. 1st Source had a net margin of 23.26% and a return on equity of 11.16%. As a group, analysts anticipate that 1st Source Co. will post 3.53 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 14th. Shareholders of record on Monday, February 4th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, February 1st. This represents a $1.08 annualized dividend and a dividend yield of 2.34%. This is a boost from 1st Source’s previous quarterly dividend of $0.25. 1st Source’s dividend payout ratio is currently 34.18%.

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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 investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

Further Reading: How to interpret the current ratio

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Institutional Ownership by Quarter for 1st Source (NASDAQ:SRCE)

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