Cwm LLC Cuts Stake in 1st Source Corporation $SRCE

Cwm LLC reduced its stake in shares of 1st Source Corporation (NASDAQ:SRCE) by 14.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,697 shares of the financial services provider’s stock after selling 440 shares during the quarter. Cwm LLC’s holdings in 1st Source were worth $167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its position in shares of 1st Source by 2.5% during the first 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 in the last quarter. Values First Advisors Inc. grew its holdings 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 buying an additional 323 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of 1st Source by 3.6% in the first 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 in the last quarter. Isthmus Partners LLC grew its holdings in shares of 1st Source by 0.8% in the first quarter. Isthmus Partners LLC now owns 55,082 shares of the financial services provider’s stock valued at $3,294,000 after purchasing an additional 433 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 1st Source by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider’s stock valued at $653,000 after purchasing an additional 467 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Down 2.6%

1st Source stock opened at $59.09 on Thursday. The stock has a 50-day moving average of $61.96 and a two-hundred day moving average of $61.25. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The stock has a market cap of $1.44 billion, a PE ratio of 9.83 and a beta of 0.67.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.12. The firm had revenue of $110.26 million during the quarter, compared to analysts’ expectations of $109.46 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%. On average, research analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, November 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. 1st Source’s payout ratio is currently 25.29%.

Analysts Set New Price Targets

A number of brokerages have recently commented on SRCE. Piper Sandler lifted their target price on 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Zacks Research lowered shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research note on Wednesday, October 8th. DA Davidson lifted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $69.00 price target (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, 1st Source presently has an average rating of “Hold” and an average price target of $72.67.

1st Source 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.