Valeo Financial Advisors LLC Sells 582 Shares of 1st Source Co. (NASDAQ:SRCE)

Valeo Financial Advisors LLC lessened its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 5.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 9,903 shares of the financial services provider’s stock after selling 582 shares during the period. Valeo Financial Advisors LLC’s holdings in 1st Source were worth $593,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. CWM LLC grew its holdings in 1st Source by 122.7% during the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 1,672 shares during the period. AMI Investment Management Inc. bought a new stake in 1st Source during the third quarter valued at about $206,000. SG Americas Securities LLC bought a new stake in 1st Source during the third quarter valued at about $377,000. AQR Capital Management LLC grew its holdings in 1st Source by 17.4% during the second 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 during the period. Finally, Hsbc Holdings PLC grew its holdings in 1st Source by 8.9% during the second quarter. Hsbc Holdings PLC now owns 22,160 shares of the financial services provider’s stock valued at $1,175,000 after purchasing an additional 1,813 shares during the period. Institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

Shares of 1st Source stock opened at $60.06 on Monday. The stock’s 50-day simple moving average is $58.89 and its 200-day simple moving average is $54.98. 1st Source Co. has a 52 week low of $41.36 and a 52 week high of $65.63. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.64 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating 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 business had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. During the same period in the previous year, the business earned $1.30 earnings per share. As a group, analysts expect that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were given a $0.36 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Monday, August 5th. 1st Source’s payout ratio is currently 27.91%.

Analyst Upgrades and Downgrades

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

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.