Hotchkis & Wiley Capital Management LLC Raises Holdings in 1st Source Corporation $SRCE

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 raised its holdings 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 13F filing with the SEC. The institutional investor owned 151,497 shares of the financial services provider's stock after acquiring an additional 92,650 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.62% of 1st Source worth $9,061,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Aquatic Capital Management LLC boosted its position in shares of 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after acquiring an additional 315 shares in the last quarter. Financial Life Planners boosted its position in shares of 1st Source by 239.1% in the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after purchasing an additional 1,963 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of 1st Source by 143.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock valued at $218,000 after purchasing an additional 2,204 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of 1st Source in the 4th quarter valued at about $250,000. Finally, ProShare Advisors LLC boosted its position in shares of 1st Source by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider's stock valued at $302,000 after purchasing an additional 1,701 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SRCE has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $69.00 target price (up from $67.00) on shares of 1st Source in a research report on Monday, July 28th. DA Davidson upped their target price on 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 reissued a "buy (b-)" rating on shares of 1st Source in a research report on Thursday, August 14th. Finally, Piper Sandler upped their target price on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $72.00.

1st Source Stock Performance

1st Source stock traded down $0.27 during mid-day trading on Friday, reaching $64.42. 49,333 shares of the company were exchanged, compared to its average volume of 76,452. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13. The firm's 50-day simple moving average is $62.34 and its two-hundred day simple moving average is $61.09. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market cap of $1.58 billion, a PE ratio of 11.28 and a beta of 0.71.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The company had revenue of $108.25 million during the quarter, compared to analysts' expectations of $104.67 million. Equities analysts predict that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's dividend payout ratio is 26.62%.

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.