1st Source Corporation (NASDAQ:SRCE – Get Free Report) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $80.25 and traded as high as $86.03. 1st Source shares last traded at $84.70, with a volume of 71,658 shares.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on SRCE. DA Davidson lifted their target price on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday. Zacks Research downgraded shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Piper Sandler raised their price objective on shares of 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.67.
View Our Latest Research Report on 1st Source
1st Source Trading Up 1.0%
The firm’s 50 day simple moving average is $86.50 and its two-hundred day simple moving average is $80.25. The stock has a market capitalization of $2.04 billion, a P/E ratio of 12.99 and a beta of 0.57. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07.
1st Source (NASDAQ:SRCE – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. The company had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. As a group, analysts forecast that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.
1st Source Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a dividend of $0.45 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 1st Source’s dividend payout ratio (DPR) is currently 27.61%.
Insiders Place Their Bets
In other 1st Source news, CFO Brett Bauer sold 500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer owned 30,706 shares in the company, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 20.17% of the company’s stock.
Institutional Investors Weigh In On 1st Source
Hedge funds and other institutional investors have recently modified their holdings of the company. 1ST Source Bank bought a new position in shares of 1st Source in the 2nd quarter worth $416,946,000. BlackRock Inc. bought a new stake in 1st Source during the 2nd quarter valued at $166,355,000. Jupiter Topco LLC bought a new stake in 1st Source during the 2nd quarter valued at $39,286,000. Janus Henderson Group PLC raised its holdings in 1st Source by 37.4% during the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock worth $31,889,000 after buying an additional 125,248 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in 1st Source during the second quarter worth $19,319,000. Institutional investors own 74.45% of the company’s stock.
1st Source Company Profile
1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Through its principal subsidiary, 1st Source Bank, the company provides banking and related financial services to businesses, individuals and organizations.
1st Source Bank offers commercial and consumer lending, deposit accounts, treasury management, mortgage services, and trust and investment services. The bank also provides specialized financing for industries such as aircraft, construction equipment, transportation, marine, agriculture and other commercial markets.
Founded in 1863, 1st Source serves communities primarily across northern Indiana and southwest Michigan through banking offices and specialized lending operations.
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