Acadian Asset Management LLC Purchases 4,719 Shares of 1st Source Corporation $SRCE

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 increased its position in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 6.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,624 shares of the financial services provider's stock after acquiring an additional 4,719 shares during the quarter. Acadian Asset Management LLC owned 0.34% of 1st Source worth $4,996,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of 1st Source during the first quarter valued at approximately $7,012,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of 1st Source during the first quarter valued at approximately $398,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 1st Source by 12.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider's stock valued at $831,000 after acquiring an additional 1,544 shares during the period. Deutsche Bank AG raised its holdings in shares of 1st Source by 59.5% during the fourth quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider's stock valued at $971,000 after acquiring an additional 6,203 shares during the period. Finally, Cerity Partners LLC acquired a new position in 1st Source in the 1st quarter valued at approximately $610,000. Institutional investors and hedge funds own 74.45% of the company's stock.

1st Source Stock Up 2.9%

SRCE stock traded up $1.84 during trading hours on Thursday, hitting $65.21. The company's stock had a trading volume of 89,328 shares, compared to its average volume of 64,990. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.60 billion, a PE ratio of 11.42 and a beta of 0.72. 1st Source Corporation has a 12 month low of $52.14 and a 12 month high of $68.13. The stock has a 50 day moving average price of $62.48 and a two-hundred day moving average price of $61.01.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its earnings results 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. The company had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. On average, equities research analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's dividend payout ratio is currently 26.62%.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several research reports. DA Davidson upped their price objective on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $69.00 price objective (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. 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 research note on Monday, July 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Saturday, September 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, 1st Source presently has a consensus rating of "Hold" and a consensus price target of $72.00.

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.