Inspire Investing LLC Cuts Stock Holdings in 1st Source Corporation $SRCE

Inspire Investing LLC trimmed its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 16.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,724 shares of the financial services provider’s stock after selling 1,103 shares during the period. Inspire Investing LLC’s holdings in 1st Source were worth $342,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in 1st Source by 15.2% during the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock valued at $63,883,000 after acquiring an additional 140,698 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 1st Source by 3.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider’s stock valued at $36,604,000 after buying an additional 19,059 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in 1st Source by 0.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 262,475 shares of the financial services provider’s stock worth $15,699,000 after acquiring an additional 2,355 shares during the last quarter. Millennium Management LLC increased its stake in 1st Source by 18.9% in the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock worth $14,502,000 after acquiring an additional 38,610 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in 1st Source by 4.0% in the 1st quarter. Bridgeway Capital Management LLC now owns 204,478 shares of the financial services provider’s stock worth $12,230,000 after acquiring an additional 7,861 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Up 0.4%

Shares of SRCE opened at $63.37 on Thursday. 1st Source Corporation has a 1-year low of $52.14 and a 1-year high of $68.13. The company has a 50-day moving average of $62.48 and a 200 day moving average of $61.00. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 11.10 and a beta of 0.72. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The company had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. On average, research analysts expect that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a $0.38 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. 1st Source’s payout ratio is currently 26.62%.

Wall Street Analyst Weigh In

SRCE has been the topic of a number of research reports. DA Davidson lifted their price objective on 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $69.00 price objective (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Saturday, September 13th. Finally, Piper Sandler lifted their price objective on shares of 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.