1st Source Co. (NASDAQ:SRCE) Stake Lifted by Picton Mahoney Asset Management

Picton Mahoney Asset Management raised its stake in 1st Source Co. (NASDAQ:SRCE) by 105.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,902 shares of the financial services provider’s stock after buying an additional 977 shares during the quarter. Picton Mahoney Asset Management’s holdings in 1st Source were worth $111,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. R Squared Ltd bought a new stake in 1st Source in the 4th quarter valued at about $40,000. Financial Life Planners bought a new stake in shares of 1st Source during the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp boosted its position in shares of 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the period. Quantbot Technologies LP bought a new position in 1st Source in the 3rd quarter worth approximately $122,000. Finally, Ieq Capital LLC acquired a new stake in 1st Source in the 4th quarter valued at approximately $250,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Friday, March 7th. Keefe, Bruyette & Woods upped their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their target price for the company from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Stock Performance

SRCE opened at $61.09 on Monday. The business has a 50 day moving average price of $61.84 and a two-hundred day moving average price of $61.40. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 11.40 and a beta of 0.78. 1st Source Co. has a 1-year low of $47.30 and a 1-year high of $68.13.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Research analysts predict that 1st Source Co. will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%. 1st Source’s payout ratio is currently 26.87%.

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.