Picton Mahoney Asset Management Acquires 5,042 Shares of 1st Source Corporation (NASDAQ:SRCE)

Picton Mahoney Asset Management raised its holdings in 1st Source Corporation (NASDAQ:SRCE) by 265.1% during the first quarter, HoldingsChannel.com reports. The fund owned 6,944 shares of the financial services provider’s stock after purchasing an additional 5,042 shares during the period. Picton Mahoney Asset Management’s holdings in 1st Source were worth $414,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of 1st Source in the first quarter valued at about $398,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 1st Source by 12.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider’s stock worth $831,000 after acquiring an additional 1,544 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of 1st Source by 59.5% in the 4th quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider’s stock valued at $971,000 after purchasing an additional 6,203 shares during the period. Cerity Partners LLC bought a new stake in shares of 1st Source during the 1st quarter valued at about $610,000. Finally, GAMMA Investing LLC grew its stake in 1st Source by 5,970.1% during the first quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider’s stock worth $973,000 after purchasing an additional 16,000 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SRCE shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday. Piper Sandler upped their price objective on shares of 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Monday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Tuesday. Finally, DA Davidson upped their price target on 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday.

1st Source Stock Performance

SRCE opened at $60.70 on Thursday. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 10.63 and a beta of 0.68. The company’s fifty day moving average price is $61.95 and its two-hundred day moving average price is $61.09. 1st Source Corporation has a 1-year low of $52.14 and a 1-year high of $68.13. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. The firm had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. On average, analysts expect that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be issued a dividend of $0.38 per share. The ex-dividend date is Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a yield of 2.50%. 1st Source’s dividend payout ratio (DPR) is currently 26.62%.

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.