Bank of New York Mellon Corp Reduces Holdings in 1st Source Co. (NASDAQ:SRCE)

Bank of New York Mellon Corp lessened its holdings in 1st Source Co. (NASDAQ:SRCE) by 3.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 134,858 shares of the financial services provider’s stock after selling 4,672 shares during the period. Bank of New York Mellon Corp owned 0.55% of 1st Source worth $7,231,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SRCE. Wellington Management Group LLP grew its holdings in 1st Source by 4.4% during the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after buying an additional 39,514 shares during the last quarter. Reinhart Partners LLC. boosted its stake in shares of 1st Source by 0.3% during the 2nd quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider’s stock worth $12,775,000 after purchasing an additional 818 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of 1st Source by 8.1% during the first quarter. Empowered Funds LLC now owns 74,544 shares of the financial services provider’s stock worth $3,908,000 after buying an additional 5,600 shares in the last quarter. Denali Advisors LLC raised its position in shares of 1st Source by 31.0% in the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock valued at $3,748,000 after buying an additional 16,900 shares during the last quarter. Finally, Isthmus Partners LLC lifted its stake in shares of 1st Source by 41.3% during the first quarter. Isthmus Partners LLC now owns 64,977 shares of the financial services provider’s stock valued at $3,406,000 after buying an additional 18,976 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

1st Source Trading Down 1.7 %

Shares of SRCE stock opened at $57.60 on Thursday. 1st Source Co. has a 1-year low of $40.96 and a 1-year high of $65.63. The firm’s 50-day simple moving average is $59.05 and its 200-day simple moving average is $53.62. The firm has a market cap of $1.41 billion, a P/E ratio of 11.59 and a beta of 0.79. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94.

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

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.50%. This is an increase from 1st Source’s previous quarterly dividend of $0.34. The ex-dividend date was Monday, August 5th. 1st Source’s dividend payout ratio (DPR) is 28.97%.

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.