Wellington Management Group LLP Trims Stake in 1st Source Co. (NASDAQ:SRCE)

Wellington Management Group LLP cut its holdings in 1st Source Co. (NASDAQ:SRCE - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 540,566 shares of the financial services provider's stock after selling 14,748 shares during the quarter. Wellington Management Group LLP owned 2.20% of 1st Source worth $31,558,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. R Squared Ltd purchased a new position in shares of 1st Source in the 4th quarter worth $40,000. Financial Life Planners purchased a new position in 1st Source in the fourth quarter worth about $48,000. Jones Financial Companies Lllp increased its stake in 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock worth $71,000 after acquiring an additional 465 shares during the last quarter. Picton Mahoney Asset Management raised its position in 1st Source by 105.6% during the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock valued at $111,000 after purchasing an additional 977 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of 1st Source in the 4th quarter valued at approximately $250,000. Institutional investors own 74.45% of the company's stock.

1st Source Trading Down 0.5 %

Shares of SRCE traded down $0.28 during mid-day trading on Friday, reaching $53.42. 63,243 shares of the company's stock traded hands, compared to its average volume of 81,001. 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 stock's 50-day moving average is $61.72 and its two-hundred day moving average is $61.24. 1st Source Co. has a 12 month low of $47.30 and a 12 month high of $68.13. The stock has a market cap of $1.31 billion, a P/E ratio of 9.97 and a beta of 0.67.

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1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data 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%. Research analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors 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 yield of 2.70%. 1st Source's payout ratio is 26.87%.

Analyst Ratings Changes

SRCE has been the topic of several analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Tuesday. Piper Sandler upgraded 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, Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday, January 27th.

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.