Wellington Management Group LLP Reduces Holdings in 1st Source Co. (NASDAQ:SRCE)

Wellington Management Group LLP decreased its position in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 540,566 shares of the financial services provider's stock after selling 14,748 shares during the period. Wellington Management Group LLP owned 2.20% of 1st Source worth $31,558,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SRCE. Barclays PLC raised its stake in 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after acquiring an additional 25,687 shares during the period. SG Americas Securities LLC grew its holdings in 1st Source by 38.3% during the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider's stock valued at $508,000 after buying an additional 2,411 shares in the last quarter. R Squared Ltd purchased a new stake in 1st Source during the 4th quarter valued at approximately $40,000. Financial Life Planners purchased a new stake in 1st Source during the 4th quarter valued at approximately $48,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in 1st Source by 18.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,241 shares of the financial services provider's stock valued at $718,000 after buying an additional 1,938 shares in the last quarter. Institutional investors own 74.45% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SRCE shares. Piper Sandler increased their price objective on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, May 24th.

1st Source Price Performance

SRCE traded down $0.36 during trading hours on Monday, hitting $60.20. The company's stock had a trading volume of 68,903 shares, compared to its average volume of 86,557. The business's 50-day moving average price is $58.84 and its 200-day moving average price is $60.95. 1st Source Co. has a 12 month low of $48.97 and a 12 month high of $68.13. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 11.23 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The company had revenue of $104.04 million for the quarter, compared to analysts' expectations of $100.97 million. Sell-side analysts expect that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.52%. The ex-dividend date was Monday, May 5th. This is a boost from 1st Source's previous quarterly dividend of $0.36. 1st Source's payout ratio is currently 26.71%.

About 1st Source

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.