1st Source Co. (NASDAQ:SRCE) Shares Sold by Inspire Investing LLC

Inspire Investing LLC trimmed its position in 1st Source Co. (NASDAQ:SRCE) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,615 shares of the financial services provider’s stock after selling 241 shares during the quarter. Inspire Investing LLC’s holdings in 1st Source were worth $355,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Isthmus Partners LLC raised its holdings in shares of 1st Source by 3.0% in the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 1,943 shares in the last quarter. LRI Investments LLC acquired a new stake in 1st Source during the 1st quarter worth $48,000. CWM LLC raised its stake in 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in 1st Source during the 1st quarter worth $78,000. Finally, PNC Financial Services Group Inc. raised its stake in 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 218 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several research analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price target (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Trading Down 1.2 %

NASDAQ SRCE opened at $60.29 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $1.48 billion, a PE ratio of 12.13 and a beta of 0.79. 1st Source Co. has a one year low of $40.96 and a one year high of $65.63. The firm’s fifty day moving average is $59.87 and its two-hundred day moving average is $54.10.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. The company had revenue of $144.39 million for the quarter, compared to analyst estimates of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same period in the previous year, the business posted $1.30 earnings per share. Analysts expect that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were paid a $0.36 dividend. The ex-dividend date was Monday, August 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 2.39%. 1st Source’s payout ratio is currently 28.97%.

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.