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

Key Points

• Boston Trust Walden Corp reduced its stake in 1st Source Corporation by 2.3%, holding now approximately 1.64% of the company valued at about $24.9 million.
• 1st Source's recent earnings exceeded expectations, reporting $1.51 EPS against a consensus estimate of $1.49, along with a revenue of $108.25 million compared to $104.67 million anticipated by analysts.
• Analyst ratings for 1st Source shares show a consensus of "Hold," with a target price averaging around $72.00; Zacks downgraded the rating from "strong-buy" to "hold" recently.

Boston Trust Walden Corp cut its holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 401,900 shares of the financial services provider's stock after selling 9,610 shares during the quarter. Boston Trust Walden Corp owned approximately 1.64% of 1st Source worth $24,946,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC grew its position in 1st Source by 2.2% during the 1st quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 188 shares during the last quarter. Valeo Financial Advisors LLC grew its position in 1st Source by 2.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 10,378 shares of the financial services provider's stock valued at $621,000 after purchasing an additional 254 shares during the last quarter. Values First Advisors Inc. grew its position in 1st Source by 0.9% during the 1st quarter. Values First Advisors Inc. now owns 36,138 shares of the financial services provider's stock valued at $2,163,000 after purchasing an additional 323 shares during the last quarter. Fifth Third Bancorp grew its position in 1st Source by 6.8% during the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock valued at $369,000 after purchasing an additional 390 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in 1st Source by 3.6% during the 1st quarter. Principal Financial Group Inc. now owns 12,526 shares of the financial services provider's stock valued at $749,000 after purchasing an additional 430 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $60.44 on Wednesday. The firm's 50 day moving average price is $62.19 and its 200-day moving average price is $60.96. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. 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 $1.48 billion, a PE ratio of 10.58 and a beta of 0.67.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data 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. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The firm had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. Equities research analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 5th. 1st Source's dividend payout ratio is 26.62%.

Analysts Set New Price Targets

Several analysts recently commented on SRCE shares. Zacks Research downgraded shares of 1st Source from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29th. DA Davidson upped their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a research note on Wednesday, October 8th. Finally, Piper Sandler upped their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $72.00.

1st Source Company 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.

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