Picton Mahoney Asset Management Acquires 5,042 Shares of 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 holdings in 1st Source Corporation (NASDAQ:SRCE - Free Report) by 265.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,944 shares of the financial services provider's stock after acquiring an additional 5,042 shares during the period. Picton Mahoney Asset Management's holdings in 1st Source were worth $414,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Nuveen Asset Management LLC lifted its stake in 1st Source by 154.4% in the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock valued at $8,116,000 after purchasing an additional 84,378 shares during the last quarter. Millennium Management LLC lifted its stake in 1st Source by 34.3% in the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider's stock valued at $11,901,000 after purchasing an additional 52,110 shares during the last quarter. Norges Bank purchased a new position in 1st Source in the fourth quarter valued at approximately $2,984,000. JPMorgan Chase & Co. lifted its position in shares of 1st Source by 35.4% during the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider's stock worth $7,197,000 after acquiring an additional 32,257 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of 1st Source by 30.5% during the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider's stock worth $6,985,000 after acquiring an additional 27,966 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Price Performance

SRCE traded down $1.03 during trading on Friday, reaching $58.79. The stock had a trading volume of 106,367 shares, compared to its average volume of 74,044. The stock has a market cap of $1.44 billion, a PE ratio of 10.30 and a beta of 0.71. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. 1st Source Corporation has a one year low of $52.14 and a one year high of $68.13. The business has a 50-day moving average of $61.91 and a 200-day moving average of $61.15.

1st Source (NASDAQ:SRCE - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, beating 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 analyst estimates of $104.67 million. As a group, equities research analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, August 5th. 1st Source's payout ratio is 26.62%.

Analyst Ratings Changes

SRCE has been the topic of several recent research reports. Keefe, Bruyette & Woods restated a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. DA Davidson upped their price target on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Piper Sandler upped their price target on shares of 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Tuesday, July 29th.

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.