Picton Mahoney Asset Management Increases Holdings in 1st Source Corporation (NASDAQ:SRCE)

Key Points

• Picton Mahoney Asset Management increased its stake in 1st Source Corporation by 265.1%, owning 6,944 shares valued at $414,000.
• 1st Source Corporation reported $1.51 EPS for the quarter, exceeding estimates, with a revenue of $108.25 million compared to the projected $104.67 million.
• The company announced a quarterly dividend of $0.38 per share, payable on August 15th, with an annualized yield of 2.50%.

Picton Mahoney Asset Management increased its stake in shares of 1st Source Corporation (NASDAQ:SRCE - Free Report) by 265.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of 1st Source during the 1st quarter worth approximately $398,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of 1st Source by 12.6% during 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 purchasing an additional 1,544 shares during the last quarter. Deutsche Bank AG raised its position in shares of 1st Source by 59.5% during the 4th quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider's stock worth $971,000 after purchasing an additional 6,203 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of 1st Source during the 1st quarter worth approximately $610,000. Finally, GAMMA Investing LLC raised its position in shares of 1st Source by 5,970.1% during the 1st 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 last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. DA Davidson lifted their price objective on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a report on Tuesday. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $69.00 price target (up from $67.00) on shares of 1st Source in a report on Monday. Finally, Piper Sandler boosted their price target on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday.

1st Source Trading Down 1.7%

SRCE traded down $1.03 during trading on Friday, hitting $58.79. The company's stock had a trading volume of 106,367 shares, compared to its average volume of 97,967. The firm's 50 day moving average price is $61.94 and its 200-day moving average price is $61.12. 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 stock has a market cap of $1.44 billion, a PE ratio of 10.30 and a beta of 0.68. 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 released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. The business had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. On average, 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 will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 5th. 1st Source's dividend payout ratio is presently 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.