California State Teachers Retirement System Cuts Position in 1st Source Co. (NASDAQ:SRCE)

California State Teachers Retirement System decreased its holdings in 1st Source Co. (NASDAQ:SRCE) by 1.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 17,179 shares of the financial services provider’s stock after selling 189 shares during the period. California State Teachers Retirement System owned approximately 0.07% of 1st Source worth $1,003,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nuveen Asset Management LLC lifted its position in shares of 1st Source by 154.4% during the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock worth $8,116,000 after purchasing an additional 84,378 shares in the last quarter. Millennium Management LLC lifted 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 in the last quarter. Norges Bank acquired a new position in shares of 1st Source during the fourth quarter worth $2,984,000. JPMorgan Chase & Co. lifted its position in shares of 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after purchasing an additional 32,257 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of 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 purchasing an additional 27,966 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SRCE. Piper Sandler boosted their target price 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Saturday, May 24th.

1st Source Trading Up 1.6%

SRCE opened at $62.16 on Wednesday. The stock has a market capitalization of $1.53 billion, a PE ratio of 11.60 and a beta of 0.68. The firm’s fifty day moving average price is $58.97 and its 200 day moving average price is $60.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source Co. has a 12-month low of $48.97 and a 12-month high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.16. The firm had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, research analysts expect that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Monday, May 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 2.45%. 1st Source’s dividend 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.