Insider Selling: 1st Source (NASDAQ:SRCE) VP Sells 1,900 Shares of Stock

1st Source Corporation (NASDAQ:SRCE) VP John Griffith sold 1,900 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total value of $125,419.00. Following the completion of the transaction, the vice president owned 65,976 shares of the company’s stock, valued at $4,355,075.76. The trade was a 2.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

1st Source Stock Performance

SRCE traded down $0.45 during trading on Thursday, reaching $65.81. 56,491 shares of the company’s stock were exchanged, compared to its average volume of 89,474. The company has a market capitalization of $1.61 billion, a P/E ratio of 10.95 and a beta of 0.66. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $61.04 and a 200 day moving average price of $61.78. 1st Source Corporation has a fifty-two week low of $52.14 and a fifty-two week high of $67.77.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The company had revenue of $110.26 million during the quarter, compared to the consensus estimate of $109.46 million. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. As a group, analysts predict that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, November 4th. This is a boost from 1st Source’s previous quarterly dividend of $0.38. 1st Source’s payout ratio is currently 26.62%.

Analyst Ratings Changes

Several analysts recently commented on the company. DA Davidson boosted their price target on 1st Source from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Zacks Research cut 1st Source from a “strong-buy” rating to a “hold” rating in a report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Monday. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $72.67.

Institutional Trading of 1st Source

Several institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its holdings in shares of 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 371 shares in the last quarter. Quarry LP grew its stake in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 610 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of 1st Source during the 3rd quarter valued at $60,000. CX Institutional purchased a new stake in shares of 1st Source during the 2nd quarter valued at $63,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,368 shares during the last quarter. Institutional investors own 74.45% 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.