Allspring Global Investments Holdings LLC Trims Position in 1st Source Co. (NASDAQ:SRCE)

Allspring Global Investments Holdings LLC trimmed its holdings in 1st Source Co. (NASDAQ:SRCE) by 22.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 999 shares of the financial services provider’s stock after selling 290 shares during the period. Allspring Global Investments Holdings LLC’s holdings in 1st Source were worth $42,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of 1st Source by 2.9% in the third quarter. BlackRock Inc. now owns 1,413,016 shares of the financial services provider’s stock valued at $65,422,000 after buying an additional 39,193 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of 1st Source by 1.7% during the third quarter. Vanguard Group Inc. now owns 818,140 shares of the financial services provider’s stock worth $37,879,000 after acquiring an additional 13,344 shares during the period. Alliancebernstein L.P. increased its stake in shares of 1st Source by 1.1% during the fourth quarter. Alliancebernstein L.P. now owns 758,615 shares of the financial services provider’s stock worth $40,275,000 after acquiring an additional 8,267 shares during the period. Wellington Management Group LLP increased its stake in shares of 1st Source by 3.8% during the first quarter. Wellington Management Group LLP now owns 671,861 shares of the financial services provider’s stock worth $28,991,000 after acquiring an additional 24,823 shares during the period. Finally, State Street Corp increased its stake in shares of 1st Source by 12.2% during the first quarter. State Street Corp now owns 531,972 shares of the financial services provider’s stock worth $24,604,000 after acquiring an additional 57,730 shares during the period. 73.52% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Up 0.2 %

Shares of SRCE opened at $49.49 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average is $44.16 and its two-hundred day moving average is $44.19. 1st Source Co. has a twelve month low of $38.77 and a twelve month high of $57.99. The firm has a market capitalization of $1.21 billion, a P/E ratio of 9.67 and a beta of 0.88.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, October 19th. The financial services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.19. 1st Source had a net margin of 26.39% and a return on equity of 13.23%. The company had revenue of $93.69 million for the quarter, compared to analyst estimates of $89.10 million. On average, research analysts predict that 1st Source Co. will post 4.72 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were given a dividend of $0.34 per share. This is a positive change from 1st Source’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 2.75%. The ex-dividend date was Friday, November 3rd. 1st Source’s dividend payout ratio is presently 26.56%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SRCE. Piper Sandler boosted their price target on shares of 1st Source from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, July 24th. StockNews.com began coverage on shares of 1st Source in a research note on Thursday, October 5th. They set a “hold” rating on the stock.

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.