Values First Advisors Inc. Decreases Stock Position in 1st Source Corporation $SRCE

Key Points

• Values First Advisors Inc. reduced its stake in 1st Source Corporation by 19.1%, now holding 29,227 shares, which constitutes approximately 1.0% of its total portfolio.
• 1st Source Corporation recently declared a quarterly dividend of $0.38 per share, resulting in an annualized yield of 2.6% and a payout ratio of 26.62%.
• Analysts have set varied price targets for 1st Source, with a consensus target price of $72.00, indicating mixed sentiment among investment analysts about the stock's future performance.

Values First Advisors Inc. reduced its position in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 19.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,227 shares of the financial services provider's stock after selling 6,911 shares during the quarter. 1st Source makes up about 1.0% of Values First Advisors Inc.'s holdings, making the stock its 27th largest position. Values First Advisors Inc. owned about 0.12% of 1st Source worth $1,814,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CX Institutional purchased a new position in shares of 1st Source in the second quarter valued at $63,000. Financial Life Planners boosted its stake 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 valued at $166,000 after buying an additional 1,963 shares during the period. KLP Kapitalforvaltning AS lifted its stake in 1st Source by 33.3% during the second quarter. KLP Kapitalforvaltning AS now owns 4,400 shares of the financial services provider's stock worth $273,000 after purchasing an additional 1,100 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of 1st Source by 6.8% in the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock worth $369,000 after purchasing an additional 390 shares in the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of 1st Source by 9.3% in the 2nd quarter. Inspire Investing LLC now owns 6,258 shares of the financial services provider's stock worth $388,000 after purchasing an additional 534 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Stock Performance

SRCE stock opened at $57.55 on Friday. The company has a market cap of $1.41 billion, a P/E ratio of 10.08 and a beta of 0.67. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $68.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The stock's fifty day moving average price is $62.19 and its 200-day moving average price is $60.94.

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

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.6%. 1st Source's dividend payout ratio (DPR) is currently 26.62%.

Analysts Set New Price Targets

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