Bank diversifies Q2 portfolio
1ST Source Bank Invests Millions in Major Firms During Second Quarter
Key Points
BlackRock is heavily owned by institutional investors, with hedge funds and institutions holding about 80.69% of its stock; top holders include Vanguard Group (14,062,677 shares worth $15.05B), State Street (6,264,545 shares worth $6.71B), Corient Private Wealth (5,490,422 shares worth $5.88B), Temasek (5,330,492 shares worth $5.13B), and Bank of America (5,232,973 shares worth $5.03B).
CVS Health is about 80.66% owned by institutional investors; beyond 1ST Source Bank’s new stake, other institutions added positions such as Elevation Wealth Partners (356 shares, $37,000), Apella Capital (6,940 shares, $724,000), and Northwestern Mutual Investment Management Company (40,560 shares, $3,219,000).
Lockheed Martin’s stock is approximately 74.19% owned by hedge funds and other institutional investors; among recent activity, IAG Wealth Partners increased its stake by 49 shares (about $30,000), and analysts' targets remain varied (Citigroup with a Buy target around $691; Deutsche Bank cut its target to $575).
ServiceNow has 87.18% of its stock owned by institutional investors; 1ST Source Bank acquired 15,194 shares for about $1.508 million.
eBay shows 87.48% institutional ownership; 6,867 shares were purchased for about $767,000, and the company also announced a quarterly dividend of $0.31 per share with an ex-dividend date of Aug 28 ($1.24 annualized).
1ST Source Bank made five new equity investments during the second quarter, adding positions in BlackRock, CVS Health, Lockheed Martin, ServiceNow, and eBay, according to Defense World. The bank's largest new bet was on Lockheed Martin, where it picked up 6,403 shares worth about $3.26 million.
The moves signal a broad push across financial services, healthcare, defense, tech, and e-commerce. Each position was disclosed through the bank's most recent Form 13F filing with the SEC, Defense World reported.
Lockheed Martin and BlackRock Lead the New Buys
1ST Source Bank's biggest new stake was in Lockheed Martin. The bank bought 6,403 shares for roughly $3.26 million, according to Defense World. Hedge funds and institutions already own about 74.19% of Lockheed's stock. Analyst price targets vary widely — Citigroup has a Buy rating with a $691 target, while Deutsche Bank recently cut its target to $575.
The bank also entered BlackRock with 1,108 shares worth about $1.07 million. BlackRock is heavily held by big institutions. Vanguard Group leads with over 14 million shares worth $15.05 billion. State Street holds 6.26 million shares worth $6.71 billion. In total, institutional investors own about 80.69% of BlackRock's stock, Defense World reported.
ServiceNow and CVS Health Round Out the Tech and Healthcare Bets
ServiceNow was the bank's largest buy by share count. It purchased 15,194 shares for about $1.51 million. Institutional investors already hold 87.18% of ServiceNow's stock — one of the highest ownership rates among the five new positions, according to Defense World.
In CVS Health, the bank holds 12,061 shares worth about $1.25 million. Institutions own roughly 80.66% of CVS. Other firms added positions too. Apella Capital bought 6,940 shares worth $724,000. Northwestern Mutual Investment Management added 40,560 shares worth $3.22 million, Defense World noted.
eBay Stake Comes With a Fresh Dividend Payout
The smallest new position was in eBay. The bank picked up 6,867 shares for about $767,000. Institutional investors own 87.48% of eBay — the highest rate among the five companies. That heavy institutional presence shows strong professional confidence in the stock, Defense World reported.
eBay also announced a quarterly dividend of $0.31 per share, or $1.24 annualized. The ex-dividend date is set for August 28. That means investors must own shares before that date to receive the payout.
Bank's Broader Q2 Strategy Shows Diversified Expansion
The five new stakes are part of a wider Q2 push by 1ST Source Bank. The bank also bought 40,799 shares of Chevron worth $6.76 million, 26,585 shares of American Electric Power, 25,389 shares of Norfolk Southern worth $7.99 million, and 5,277 shares of Salesforce worth $827,000, according to Defense World.
Together, the moves show the bank spreading capital across energy, utilities, transportation, and software — not just the five companies highlighted in this quarter's equity disclosures. 1ST Source Bank is based in South Bend, Indiana, and manages assets for individual and institutional clients.
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