Empowered Funds LLC Sells 8,075 Shares of 1st Source Co. (NASDAQ:SRCE)

Empowered Funds LLC lowered its position in shares of 1st Source Co. (NASDAQ:SRCE) by 9.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,517 shares of the financial services provider’s stock after selling 8,075 shares during the quarter. Empowered Funds LLC owned approximately 0.31% of 1st Source worth $4,467,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its holdings in shares of 1st Source by 625.6% during the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after buying an additional 28,648 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in 1st Source during the 3rd quarter worth approximately $1,713,000. Barclays PLC increased its holdings in 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares in the last quarter. JPMorgan Chase & Co. raised its position in 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after purchasing an additional 24,470 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in 1st Source by 152.7% in the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Stock Up 2.8 %

NASDAQ SRCE opened at $67.65 on Wednesday. The stock has a market capitalization of $1.66 billion, a P/E ratio of 12.62 and a beta of 0.81. 1st Source Co. has a 52 week low of $47.30 and a 52 week high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a fifty day moving average of $60.58 and a 200-day moving average of $60.68.

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 12.07% and a net margin of 23.10%. On average, equities research analysts forecast that 1st Source Co. will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.13%. 1st Source’s dividend payout ratio is currently 26.87%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SRCE. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and raised their target price for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, February 1st. Finally, Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

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.