Cwm LLC Purchases 1,672 Shares of 1st Source Co. (NASDAQ:SRCE)

Cwm LLC raised its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 122.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,035 shares of the financial services provider’s stock after acquiring an additional 1,672 shares during the quarter. Cwm LLC’s holdings in 1st Source were worth $182,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in SRCE. AMI Investment Management Inc. acquired a new position in shares of 1st Source in the 3rd quarter valued at approximately $206,000. SG Americas Securities LLC acquired a new position in shares of 1st Source in the 3rd quarter valued at approximately $377,000. AQR Capital Management LLC boosted its holdings in shares of 1st Source by 17.4% in the 2nd quarter. AQR Capital Management LLC now owns 81,494 shares of the financial services provider’s stock valued at $4,370,000 after purchasing an additional 12,067 shares in the last quarter. Hsbc Holdings PLC increased its position in 1st Source by 8.9% during the 2nd quarter. Hsbc Holdings PLC now owns 22,160 shares of the financial services provider’s stock worth $1,175,000 after purchasing an additional 1,813 shares in the last quarter. Finally, Denali Advisors LLC grew its holdings in 1st Source by 47.0% during the 2nd quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock worth $5,635,000 after acquiring an additional 33,600 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SRCE shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 target price (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler downgraded 1st Source from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Trading Down 0.3 %

Shares of SRCE opened at $59.69 on Thursday. The firm’s 50-day moving average price is $59.40 and its 200-day moving average price is $55.47. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 11.55 and a beta of 0.78. 1st Source Co. has a 1-year low of $43.30 and a 1-year high of $65.63.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The company had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. During the same quarter in the prior year, the business posted $1.30 EPS. Sell-side analysts anticipate that 1st Source Co. will post 5.37 EPS for the current year.

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.