Boston Trust Walden Corp Reduces Stock Holdings in 1st Source Corporation $SRCE

Boston Trust Walden Corp lessened its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 12.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 324,077 shares of the financial services provider’s stock after selling 48,005 shares during the period. Boston Trust Walden Corp owned approximately 1.33% of 1st Source worth $22,429,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 371 shares during the period. Quarry LP lifted its holdings in 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after buying an additional 610 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of 1st Source during the fourth quarter valued at approximately $50,000. Tower Research Capital LLC TRC boosted its holdings in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 1,368 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in 1st Source in the fourth quarter worth approximately $128,000. Institutional investors own 74.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on SRCE shares. DA Davidson restated a “neutral” rating and set a $74.00 price target on shares of 1st Source in a research note on Monday, April 27th. Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Finally, Piper Sandler boosted their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.00.

1st Source Stock Performance

Shares of SRCE opened at $82.09 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a 50-day moving average of $75.68 and a two-hundred day moving average of $70.64. The stock has a market cap of $1.98 billion, a P/E ratio of 12.59 and a beta of 0.58. 1st Source Corporation has a one year low of $56.89 and a one year high of $86.64.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million during the quarter, compared to analyst estimates of $111.88 million. As a group, research analysts predict that 1st Source Corporation will post 6.81 EPS for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, May 5th. 1st Source’s dividend payout ratio is 26.38%.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.