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

Teacher Retirement System of Texas cut its holdings in 1st Source Corporation (NASDAQ:SRCE) by 59.3% in the first quarter, according to the company in its most recent disclosure with the 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 quarter.

Other large investors also recently bought and sold shares of the company. Nuveen Asset Management LLC lifted its stake in shares of 1st Source by 154.4% in the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock valued at $8,116,000 after purchasing an additional 84,378 shares during the last quarter. Millennium Management LLC raised its holdings in 1st Source by 34.3% during the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock valued at $11,901,000 after buying an additional 52,110 shares during the period. Norges Bank purchased 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 fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after buying an additional 32,257 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake 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 during the period. Institutional investors own 74.45% of the company’s stock.

1st Source Trading Down 3.2%

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

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.36 by $0.16. The company had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. On average, equities analysts forecast that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Saturday. Piper Sandler lifted their price target on shares of 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th.

1st Source 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.