The The Manufacturers Life Insurance Company Has $30.80 Million Holdings in 1st Source Corporation (SRCE)

The The Manufacturers Life Insurance Company  Has $30.80 Million Holdings in 1st Source Corporation (SRCE)

The Manufacturers Life Insurance Company decreased its stake in 1st Source Corporation (NASDAQ:SRCE) by 5.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 642,541 shares of the financial services provider’s stock after selling 39,934 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 2.48% of 1st Source Corporation worth $30,804,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of SRCE. Legal & General Group Plc increased its position in 1st Source Corporation by 3.7% in the second quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock worth $186,000 after buying an additional 137 shares in the last quarter. Victory Capital Management Inc. increased its position in 1st Source Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock worth $198,000 after buying an additional 620 shares in the last quarter. Royal Bank of Canada increased its position in 1st Source Corporation by 598.4% in the second quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock worth $205,000 after buying an additional 3,668 shares in the last quarter. Karp Capital Management Corp purchased a new stake in 1st Source Corporation in the first quarter worth about $206,000. Finally, Citadel Advisors LLC purchased a new stake in 1st Source Corporation in the first quarter worth about $225,000. Institutional investors and hedge funds own 70.22% of the company’s stock.

SRCE has been the subject of a number of analyst reports. Zacks Investment Research cut 1st Source Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. ValuEngine lowered 1st Source Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub lowered 1st Source Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of 1st Source Corporation in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies set a $55.00 price objective on 1st Source Corporation and gave the stock a “buy” rating in a research note on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $51.67.

1st Source Corporation (SRCE) opened at 52.14 on Friday. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 21.81 and a beta of 1.07. The stock has a 50 day moving average price of $48.69 and a 200-day moving average price of $47.81. 1st Source Corporation has a 1-year low of $33.27 and a 1-year high of $52.96.

1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. The firm had revenue of $70.00 million during the quarter, compared to analyst estimates of $68.90 million. On average, equities research analysts forecast that 1st Source Corporation will post $2.59 EPS for the current year.

1st Source Corporation Company 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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