1st Source Co. (NASDAQ:SRCE) Shares Purchased by Picton Mahoney Asset Management

Picton Mahoney Asset Management lifted its stake in 1st Source Co. (NASDAQ:SRCE) by 105.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,902 shares of the financial services provider’s stock after buying an additional 977 shares during the period. Picton Mahoney Asset Management’s holdings in 1st Source were worth $111,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SRCE. Valeo Financial Advisors LLC boosted its stake in shares of 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock valued at $591,000 after purchasing an additional 221 shares during the period. Isthmus Partners LLC lifted its holdings in 1st Source by 0.6% in the 4th quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider’s stock worth $3,190,000 after buying an additional 328 shares in the last quarter. Jones Financial Companies Lllp boosted its position in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after buying an additional 465 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in 1st Source by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock valued at $3,618,000 after buying an additional 600 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of 1st Source by 1.6% during the fourth quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider’s stock valued at $2,466,000 after acquiring an additional 656 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Stock Up 1.9 %

Shares of 1st Source stock opened at $61.09 on Monday. The business has a 50-day moving average price of $61.84 and a 200 day moving average price of $61.40. 1st Source Co. has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The firm has a market cap of $1.50 billion, a P/E ratio of 11.40 and a beta of 0.78. 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 issued 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 return on equity of 11.92% and a net margin of 23.10%. On average, sell-side analysts forecast that 1st Source Co. will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were issued a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%. 1st Source’s dividend payout ratio (DPR) is 26.87%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler raised 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 report on Monday, January 27th. Keefe, Bruyette & Woods increased their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Friday, March 7th.

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.