1st Source Corporation $SRCE Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in 1st Source Corporation by 12.7%, now owning 471,652 shares valued at approximately $28.2 million.
• 1st Source Corporation announced a quarterly dividend of $0.38, providing a dividend yield of 2.4%, with a payout ratio of 26.62%.
• Analysts have raised their price targets for 1st Source, with Piper Sandler setting a new target of $80.00, indicating an "overweight" rating for the stock.

Wellington Management Group LLP lessened its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 12.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 471,652 shares of the financial services provider's stock after selling 68,914 shares during the quarter. Wellington Management Group LLP owned about 1.92% of 1st Source worth $28,210,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Aquatic Capital Management LLC increased its position in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after buying an additional 315 shares in the last quarter. Financial Life Planners increased its position in 1st Source by 239.1% during the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after buying an additional 1,963 shares in the last quarter. Tower Research Capital LLC TRC increased its position in 1st Source by 143.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock worth $218,000 after buying an additional 2,204 shares in the last quarter. Raymond James Financial Inc. purchased a new position in 1st Source during the fourth quarter worth $250,000. Finally, ProShare Advisors LLC increased its position in 1st Source by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock worth $302,000 after buying an additional 1,701 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Price Performance

SRCE stock opened at $64.07 on Monday. 1st Source Corporation has a 52-week low of $52.14 and a 52-week high of $68.13. The stock's fifty day simple moving average is $61.82 and its 200-day simple moving average is $61.12. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.22 and a beta of 0.71.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.02. The business had revenue of $108.25 million for the quarter, compared to analyst estimates of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. Equities research analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is 26.62%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SRCE shares. Piper Sandler raised their price target on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. DA Davidson raised their price target on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of 1st Source in a report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $72.00.

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.

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