1st Source (NASDAQ:SRCE) Sets New 1-Year High – Here’s What Happened

1st Source Corporation (NASDAQ:SRCE)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $69.57 and last traded at $69.2450, with a volume of 4417 shares. The stock had previously closed at $68.47.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SRCE shares. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. DA Davidson boosted their price target on shares of 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. Finally, Piper Sandler lifted their price objective on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $75.33.

1st Source Stock Down 0.5%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.69 billion, a P/E ratio of 10.81 and a beta of 0.64. The business’s fifty day moving average price is $64.93 and its two-hundred day moving average price is $62.67.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.07. The company had revenue of $115.39 million during the quarter, compared to the consensus estimate of $110.92 million. 1st Source had a return on equity of 12.60% and a net margin of 26.38%. As a group, equities research analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. 1st Source’s payout ratio is 24.96%.

Insider Activity at 1st Source

In related news, VP John B. Griffith sold 1,900 shares of 1st Source stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the sale, the vice president directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 19.55% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SRCE. Engineers Gate Manager LP increased its stake in 1st Source by 8.9% during the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 304 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of 1st Source by 3.8% in the second quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after buying an additional 317 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 371 shares in the last quarter. Zacks Investment Management raised its holdings in shares of 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 388 shares during the period. Finally, Isthmus Partners LLC lifted its position in 1st Source by 0.8% in the 2nd quarter. Isthmus Partners LLC now owns 55,541 shares of the financial services provider’s stock valued at $3,447,000 after acquiring an additional 459 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.