Boston Trust Walden Corp Sells 10,768 Shares of 1st Source Co. (NASDAQ:SRCE)

Boston Trust Walden Corp trimmed its position in 1st Source Co. (NASDAQ:SRCE) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 425,318 shares of the financial services provider’s stock after selling 10,768 shares during the period. Boston Trust Walden Corp owned 1.74% of 1st Source worth $25,468,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SRCE. Isthmus Partners LLC boosted its stake in 1st Source by 3.0% during the second quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock valued at $36,000 after buying an additional 1,943 shares during the period. LRI Investments LLC bought a new stake in shares of 1st Source during the 1st quarter valued at about $48,000. nVerses Capital LLC grew its holdings in shares of 1st Source by 150.0% during the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares in the last quarter. CWM LLC increased its position in shares of 1st Source by 726.1% in the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,198 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in 1st Source by 10.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 218 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SRCE. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Stock Performance

NASDAQ:SRCE opened at $57.47 on Friday. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 11.56 and a beta of 0.78. The business has a 50 day moving average of $59.50 and a 200 day moving average of $55.61. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 1-year low of $43.35 and a 1-year high of $65.63.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The firm had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same period in the previous year, the business posted $1.32 EPS. On average, sell-side analysts predict that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.51%. 1st Source’s payout ratio is 28.97%.

1st Source Profile

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.