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

Russell Investments Group Ltd. trimmed its holdings in shares of 1st Source Co. (NASDAQ:SRCE - Free Report) by 17.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,711 shares of the financial services provider's stock after selling 4,758 shares during the period. Russell Investments Group Ltd. owned about 0.09% of 1st Source worth $1,326,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock worth $34,616,000 after purchasing an additional 6,569 shares in the last quarter. State Street Corp lifted its stake in 1st Source by 1.7% in the third quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock valued at $33,964,000 after acquiring an additional 9,235 shares during the last quarter. Alliancebernstein L.P. lifted its stake in 1st Source by 2.6% in the fourth quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider's stock valued at $30,349,000 after acquiring an additional 13,273 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 1st Source by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock worth $25,959,000 after purchasing an additional 3,780 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of 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 purchasing an additional 32,257 shares during the period. Institutional investors own 74.45% of the company's stock.

1st Source Stock Performance

Shares of SRCE traded up $0.69 during midday trading on Wednesday, reaching $56.95. 92,136 shares of the stock were exchanged, compared to its average volume of 82,294. The stock's 50 day simple moving average is $60.11 and its 200 day simple moving average is $61.05. The company has a market cap of $1.40 billion, a P/E ratio of 10.63 and a beta of 0.67. 1st Source Co. has a twelve month low of $48.91 and a twelve month high of $68.13. 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 (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, sell-side analysts expect that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.53%. 1st Source's dividend payout ratio (DPR) is 26.87%.

Analysts Set New Price Targets

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

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.