Russell Investments Group Ltd. Sells 4,758 Shares of 1st Source Co. (NASDAQ:SRCE)

Russell Investments Group Ltd. cut its holdings in shares of 1st Source Co. (NASDAQ:SRCE) by 17.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,711 shares of the financial services provider’s stock after selling 4,758 shares during the period. Russell Investments Group Ltd. owned 0.09% of 1st Source worth $1,326,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new position in 1st Source during the 4th quarter valued at $219,000. ExodusPoint Capital Management LP bought a new stake in shares of 1st Source during the 4th quarter valued at about $892,000. Alliancebernstein L.P. increased its position in shares of 1st Source by 2.6% during the fourth quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock valued at $30,349,000 after buying an additional 13,273 shares during the period. Norges Bank bought a new position in 1st Source in the fourth quarter worth about $2,984,000. Finally, JPMorgan Chase & Co. boosted its position in 1st Source by 35.4% during 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. Institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

SRCE has been the subject of a number of research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods upped their price target on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Finally, Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th.

1st Source Price Performance

Shares of SRCE opened at $54.76 on Monday. The firm has a 50 day moving average of $60.56 and a 200 day moving average of $61.12. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source Co. has a twelve month low of $48.91 and a twelve month high of $68.13. The company has a market capitalization of $1.34 billion, a P/E ratio of 10.22 and a beta of 0.67.

1st Source (NASDAQ:SRCE) last released 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%. As a group, equities research analysts anticipate 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 given 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 2.63%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

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.