Wellington Management Group LLP Has $31.56 Million Holdings in 1st Source Co. (NASDAQ:SRCE)

Wellington Management Group LLP trimmed its position in 1st Source Co. (NASDAQ:SRCE) by 2.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 540,566 shares of the financial services provider’s stock after selling 14,748 shares during the quarter. Wellington Management Group LLP owned approximately 2.20% of 1st Source worth $31,558,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in 1st Source by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock worth $34,616,000 after purchasing an additional 6,569 shares during the period. State Street Corp boosted its position in shares of 1st Source by 1.7% in the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after buying an additional 9,235 shares during the period. Geode Capital Management LLC grew its holdings in shares of 1st Source by 0.9% during the third quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after buying an additional 3,780 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after buying an additional 32,257 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in 1st Source by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 122,768 shares of the financial services provider’s stock valued at $7,167,000 after buying an additional 1,598 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, March 22nd.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $54.61 on Monday. 1st Source Co. has a one year low of $47.30 and a one year high of $68.13. The business’s 50-day moving average price is $62.83 and its two-hundred day moving average price is $61.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $1.34 billion, a P/E ratio of 10.19 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Analysts anticipate that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.64%. 1st Source’s dividend payout ratio is currently 26.87%.

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.