Teacher Retirement System of Texas Decreases Position in 1st Source Corporation (NASDAQ:SRCE)

Teacher Retirement System of Texas trimmed its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 59.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,148 shares of the financial services provider's stock after selling 16,224 shares during the quarter. Teacher Retirement System of Texas' holdings in 1st Source were worth $667,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Nuveen Asset Management LLC lifted its stake in 1st Source by 154.4% in the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock valued at $8,116,000 after buying an additional 84,378 shares during the period. Millennium Management LLC raised its position in shares of 1st Source by 34.3% during the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider's stock worth $11,901,000 after purchasing an additional 52,110 shares during the period. Norges Bank bought a new stake in 1st Source during the 4th quarter valued at $2,984,000. JPMorgan Chase & Co. lifted its position in 1st Source by 35.4% in the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock valued at $7,197,000 after acquiring an additional 32,257 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in 1st Source by 30.5% during the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider's stock worth $6,985,000 after buying an additional 27,966 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SRCE has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research report on Saturday, July 12th. Piper Sandler lifted their price objective on shares of 1st Source from $72.50 to $75.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th.

1st Source Trading Down 0.7%

Shares of 1st Source stock traded down $0.48 on Friday, hitting $63.55. The stock had a trading volume of 56,618 shares, compared to its average volume of 89,807. The stock's 50-day simple moving average is $62.00 and its two-hundred day simple moving average is $60.82. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 11.17 and a beta of 0.68.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. The company had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. As a group, sell-side analysts predict that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 5th were paid a $0.38 dividend. The ex-dividend date was Monday, May 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.39%. This is a boost from 1st Source's previous quarterly dividend of $0.36. 1st Source's payout ratio is currently 26.71%.

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.