1st Source (NASDAQ:SRCE) Issues Earnings Results

1st Source (NASDAQ:SRCE) released its earnings results on Thursday. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24, Zacks reports. The company had revenue of $144.39 million for the quarter, compared to analyst estimates of $95.80 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same period in the prior year, the firm earned $1.30 EPS.

1st Source Trading Up 4.9 %

Shares of SRCE stock traded up $3.08 during trading hours on Friday, hitting $65.47. 195,934 shares of the company were exchanged, compared to its average volume of 69,570. The firm has a market cap of $1.60 billion, a PE ratio of 13.17 and a beta of 0.80. 1st Source has a 1 year low of $40.96 and a 1 year high of $65.63. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average of $53.49 and a 200 day moving average of $51.80.

1st Source Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a dividend of $0.36 per share. The ex-dividend date is Monday, August 5th. 1st Source’s payout ratio is currently 27.36%.

Analyst Ratings Changes

Separately, Piper Sandler upped their target price on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, April 29th.

Insider Transactions at 1st Source

In related news, Director Daniel B. Fitzpatrick acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were acquired at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the acquisition, the director now directly owns 48,542 shares in the company, valued at approximately $2,410,110.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other 1st Source news, Director Daniel B. Fitzpatrick bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $49.65 per share, with a total value of $49,650.00. Following the transaction, the director now owns 48,542 shares in the company, valued at $2,410,110.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. Insiders own 19.30% of the company’s stock.

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.