Thrivent Financial for Lutherans Sells 2,653 Shares of 1st Source Co. (NASDAQ:SRCE)

Thrivent Financial for Lutherans reduced its position in shares of 1st Source Co. (NASDAQ:SRCE) by 8.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,574 shares of the financial services provider’s stock after selling 2,653 shares during the period. Thrivent Financial for Lutherans owned about 0.12% of 1st Source worth $1,785,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SRCE. Victory Capital Management Inc. acquired a new stake in shares of 1st Source during the third quarter worth approximately $413,000. Charles Schwab Investment Management Inc. increased its holdings in 1st Source by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock valued at $35,112,000 after purchasing an additional 1,872 shares in the last quarter. FMR LLC raised its position in 1st Source by 6.1% in the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider’s stock valued at $7,223,000 after purchasing an additional 6,981 shares during the last quarter. Quantbot Technologies LP acquired a new position in 1st Source in the third quarter worth $122,000. Finally, Martingale Asset Management L P grew its holdings in shares of 1st Source by 7.3% during the third quarter. Martingale Asset Management L P now owns 40,323 shares of the financial services provider’s stock worth $2,415,000 after purchasing an additional 2,760 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Trading Down 1.7 %

Shares of SRCE opened at $60.25 on Friday. The stock’s fifty day simple moving average is $62.79 and its 200-day simple moving average is $61.52. The firm has a market capitalization of $1.48 billion, a PE ratio of 11.24 and a beta of 0.78. 1st Source Co. has a 12-month low of $47.30 and a 12-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) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping 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, research analysts predict that 1st Source Co. will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.39%. 1st Source’s dividend payout ratio is currently 26.87%.

Wall Street Analyst Weigh In

SRCE has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Saturday, March 22nd. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th.

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.