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

Wellington Management Group LLP lowered its stake in shares of 1st Source Co. (NASDAQ:SRCE) by 34.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 555,314 shares of the financial services provider’s stock after selling 286,789 shares during the period. Wellington Management Group LLP’s holdings in 1st Source were worth $33,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SRCE. CWM LLC boosted its position in shares of 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 1,198 shares during the period. Rhumbline Advisers lifted its holdings in 1st Source by 4.0% during the 2nd quarter. Rhumbline Advisers now owns 48,044 shares of the financial services provider’s stock worth $2,576,000 after buying an additional 1,854 shares in the last quarter. Isthmus Partners LLC lifted its holdings in 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,943 shares in the last quarter. Quest Partners LLC lifted its holdings in 1st Source by 5.2% during the 2nd quarter. Quest Partners LLC now owns 4,664 shares of the financial services provider’s stock worth $250,000 after buying an additional 232 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in 1st Source by 11.5% during the 2nd quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock worth $9,367,000 after buying an additional 18,049 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

1st Source stock opened at $63.60 on Friday. The firm has a market cap of $1.56 billion, a PE ratio of 12.11 and a beta of 0.80. 1st Source Co. has a 52-week low of $47.30 and a 52-week high of $68.13. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $62.64 and its two-hundred day moving average is $58.72.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.05. The business had revenue of $97.93 million during the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same period in the previous year, the company earned $1.32 EPS. On average, research analysts expect that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.26%. 1st Source’s payout ratio is currently 27.43%.

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.