1st Source Corporation $SRCE Stock Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its 1st Source position by 5% in the third quarter, selling 19,246 shares; it still held 367,495 shares, or 1.53% of the company.
• 1st Source reported quarterly EPS of $2.03, beating the $1.83 consensus, and revenue of $118.83 million, slightly above estimates.
• The company announced a quarterly dividend of $0.45 per share, equivalent to a 2.1% yield. Analysts’ consensus rating was “Moderate Buy,” with a $91.67 average price target.

Boston Trust Walden Corp lowered its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 5.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 367,495 shares of the financial services provider's stock after selling 19,246 shares during the quarter. Boston Trust Walden Corp owned 1.53% of 1st Source worth $31,053,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Nykredit A S bought a new stake in shares of 1st Source in the second quarter worth $27,000. Frazier Financial Advisors LLC bought a new position in 1st Source during the 2nd quarter worth $40,000. Integrated Wealth Concepts LLC acquired a new stake in 1st Source in the 2nd quarter worth about $48,000. USA Financial Formulas bought a new stake in shares of 1st Source in the third quarter valued at approximately $71,000. Finally, IFP Advisors Inc lifted its position in shares of 1st Source by 1,600.0% during the 3rd quarter. IFP Advisors Inc now owns 884 shares of the financial services provider's stock valued at $75,000 after acquiring an additional 832 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at 1st Source

In related news, CFO Brett Bauer sold 500 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer owned 30,706 shares of the company's stock, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 20.17% of the company's stock.

1st Source Stock Performance

Shares of SRCE opened at $87.35 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 11.79 and a beta of 0.58. 1st Source Corporation has a 12 month low of $59.54 and a 12 month high of $91.46. The stock has a 50 day moving average of $86.22 and a 200 day moving average of $78.18.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.20. 1st Source had a net margin of 28.85% and a return on equity of 13.57%. The company had revenue of $118.83 million during the quarter, compared to analyst estimates of $118.11 million. As a group, sell-side analysts forecast that 1st Source Corporation will post 7.62 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, November 3rd will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 1st Source's payout ratio is presently 24.29%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. DA Davidson lifted their price objective on shares of 1st Source from $87.00 to $88.00 and gave the company a "neutral" rating in a research note on Tuesday, October 27th. Zacks Research downgraded shares of 1st Source from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Piper Sandler reissued an "overweight" rating and issued a $105.00 price objective (up from $100.00) on shares of 1st Source in a research note on Tuesday, October 27th. Finally, Weiss Ratings upgraded shares of 1st Source from a "buy (a-)" rating to a "buy (a)" rating in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, 1st Source has a consensus rating of "Moderate Buy" and a consensus price target of $91.67.

About 1st Source

1st Source Corporation NASDAQ: SRCE is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.

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