Teacher Retirement System of Texas Sells 16,224 Shares of 1st Source Corporation (NASDAQ:SRCE)

Teacher Retirement System of Texas lessened its holdings in 1st Source Corporation (NASDAQ:SRCE) by 59.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,148 shares of the financial services provider’s stock after selling 16,224 shares during the period. Teacher Retirement System of Texas’ holdings in 1st Source were worth $667,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its position in 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 465 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of 1st Source by 25.1% in the fourth quarter. Victory Capital Management Inc. now owns 8,636 shares of the financial services provider’s stock worth $504,000 after buying an additional 1,735 shares during the period. Raymond James Financial Inc. purchased a new position in shares of 1st Source during the 4th quarter valued at about $250,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of 1st Source by 48.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,390 shares of the financial services provider’s stock valued at $2,475,000 after acquiring an additional 13,784 shares during the period. Finally, Intech Investment Management LLC bought a new position in shares of 1st Source during the 4th quarter valued at approximately $502,000. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Down 3.2%

Shares of SRCE opened at $62.76 on Wednesday. The business’s 50 day moving average is $61.84 and its 200 day moving average is $60.72. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. 1st Source Corporation has a 12-month low of $52.14 and a 12-month high of $68.13. The company has a market capitalization of $1.54 billion, a PE ratio of 11.03 and a beta of 0.68.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data 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 24.17% and a return on equity of 12.26%. Research analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Monday, May 5th. This is an increase from 1st Source’s previous quarterly dividend of $0.36. 1st Source’s dividend payout ratio is 26.71%.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Saturday. Piper Sandler lifted their target price on shares of 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 28th.

About 1st Source

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.