1st Source Corporation $SRCE Shares Purchased by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in 1st Source Corporation by 157.4% in the 1st quarter, holding 151,497 shares valued at approximately $9 million after a purchase of 92,650 additional shares.
• 1st Source Corporation recently reported $1.51 earnings per share for the last quarter, exceeding analyst expectations by $0.02, with revenue of $108.25 million.
• The firm declared a quarterly dividend of $0.38, resulting in an annualized dividend yield of 2.4%, with a payout ratio of 26.62%.

Hotchkis & Wiley Capital Management LLC increased its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 157.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 151,497 shares of the financial services provider's stock after purchasing an additional 92,650 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.62% of 1st Source worth $9,061,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Invesco Ltd. grew its stake in shares of 1st Source by 1.3% in the 4th quarter. Invesco Ltd. now owns 37,537 shares of the financial services provider's stock valued at $2,191,000 after buying an additional 465 shares during the period. Raymond James Financial Inc. acquired a new position in 1st Source in the fourth quarter valued at approximately $250,000. Barclays PLC grew its position in 1st Source by 9.8% in the fourth quarter. Barclays PLC now owns 45,593 shares of the financial services provider's stock worth $2,662,000 after acquiring an additional 4,068 shares during the period. First Trust Advisors LP increased its stake in 1st Source by 27.2% during the fourth quarter. First Trust Advisors LP now owns 68,918 shares of the financial services provider's stock worth $4,023,000 after acquiring an additional 14,751 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in 1st Source by 5.8% in the fourth quarter. MetLife Investment Management LLC now owns 11,218 shares of the financial services provider's stock valued at $655,000 after purchasing an additional 612 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Stock Performance

Shares of 1st Source stock opened at $64.07 on Monday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.22 and a beta of 0.71. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The business has a 50-day moving average of $61.82 and a 200 day moving average of $61.12. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The business had revenue of $108.25 million for the quarter, compared to analysts' expectations of $104.67 million. As a group, sell-side analysts forecast that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's dividend payout ratio (DPR) is currently 26.62%.

Analyst Upgrades and Downgrades

SRCE has been the topic of several recent analyst reports. Piper Sandler upped their price target on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. DA Davidson upped their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 1st Source in a research note on Thursday, August 14th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $69.00 price target (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $72.00.

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.

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