1st Source Corporation $SRCE Position Increased by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC increased its stake in 1st Source Corporation by 6.0%, acquiring an additional 4,719 shares, bringing its ownership to approximately 83,624 shares valued at nearly $5 million.
• Recent research reports indicated that analysts have given 1st Source a mixed rating, with one "Buy," two "Hold," and a target price averaging around $72.00.
• 1st Source Corporation reported earnings of $1.51 per share for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.38 per share, representing an annual yield of 2.4%.

Acadian Asset Management LLC lifted its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 6.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 83,624 shares of the financial services provider's stock after buying an additional 4,719 shares during the period. Acadian Asset Management LLC owned 0.34% of 1st Source worth $4,996,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock worth $63,883,000 after purchasing an additional 140,698 shares during the period. Nuveen LLC purchased a new position in shares of 1st Source in the first quarter valued at $7,012,000. Hotchkis & Wiley Capital Management LLC grew its stake in shares of 1st Source by 157.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider's stock valued at $9,061,000 after acquiring an additional 92,650 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock worth $8,116,000 after purchasing an additional 84,378 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in 1st Source by 57.8% in the first quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider's stock valued at $11,290,000 after acquiring an additional 69,124 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Price Performance

Shares of NASDAQ:SRCE traded down $0.04 during trading on Monday, reaching $63.30. The company had a trading volume of 76,654 shares, compared to its average volume of 60,924. The firm's fifty day moving average is $62.55 and its 200 day moving average is $60.97. 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 capitalization of $1.55 billion, a PE ratio of 11.09 and a beta of 0.72. 1st Source Corporation has a twelve month low of $52.14 and a twelve month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.49 by $0.02. The business had revenue of $108.25 million for the quarter, compared to analyst estimates of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. On average, equities analysts forecast that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have commented on the company. Piper Sandler increased their target price on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson boosted their price objective 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 reaffirmed a "buy (b)" rating on shares of 1st Source in a research report on Saturday, August 30th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $72.00.

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.