1ST Source Bank Invests $7.40 Million in International Business Machines Corporation
1ST Source Bank acquired a new position in shares of International Business Machines Corporation (NYSE:IBM) worth approximately $7.40 million, according to its most recent disclosure with the Securities and Exchange Commission.
The fund purchased 26,322 shares of the technology company's stock during the second quarter, valued at around $7.40 million.
This is not an isolated instance, as other institutional investors have also increased their stakes in IBM, including VIRGINIA RETIREMENT SYSTEMS ET Al, which lifted its stake by 424.6% in the fourth quarter, and Assetmark Inc., which grew its stake by 24.8% during the first quarter.
IBM's stock has been a subject of interest for analysts, with some citing upcoming quantum catalysts as potential growth drivers. However, concerns about AI-driven disruption to legacy services, pricing pressure, and downward earnings estimates have also contributed to the company's year-to-date decline.