1st Source (NASDAQ:SRCE) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

1st Source (NASDAQ:SRCE) announced its earnings results on Thursday. The financial services provider reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.01), FiscalAI reports. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. The business had revenue of $113.14 million for the quarter, compared to the consensus estimate of $111.88 million.

1st Source Trading Up 1.0%

SRCE stock opened at $73.90 on Friday. The business has a fifty day moving average price of $69.93 and a 200 day moving average price of $65.65. 1st Source has a fifty-two week low of $56.49 and a fifty-two week high of $75.64. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.53 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Tuesday, May 5th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $1.72 dividend on an annualized basis and a yield of 2.3%. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is 24.96%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SRCE. Piper Sandler increased their target price on 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Finally, DA Davidson raised their price objective on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, 1st Source currently has an average rating of “Moderate Buy” and an average price target of $75.33.

Institutional Investors Weigh In On 1st Source

Hedge funds and other institutional investors have recently bought and sold shares of the business. Empowered Funds LLC boosted its position in 1st Source by 15.5% in the 4th quarter. Empowered Funds LLC now owns 104,221 shares of the financial services provider’s stock valued at $6,513,000 after buying an additional 13,992 shares during the last quarter. Man Group plc lifted its holdings in 1st Source by 3.6% during the fourth quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after acquiring an additional 413 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in 1st Source by 49.3% during the fourth quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock worth $20,965,000 after acquiring an additional 110,711 shares in the last quarter. AQR Capital Management LLC lifted its holdings in 1st Source by 29.9% during the fourth quarter. AQR Capital Management LLC now owns 89,536 shares of the financial services provider’s stock worth $5,595,000 after acquiring an additional 20,597 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in 1st Source by 3.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,509 shares of the financial services provider’s stock worth $1,907,000 after acquiring an additional 981 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

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.