1st Source (NASDAQ:SRCE) Hits New 12-Month High – Here’s What Happened

1st Source Corporation (NASDAQ:SRCE)’s share price reached a new 52-week high on Monday . The company traded as high as $78.80 and last traded at $78.5690, with a volume of 119343 shares trading hands. The stock had previously closed at $78.52.

Analyst Ratings Changes

SRCE has been the topic of a number of research analyst reports. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Piper Sandler lifted their price objective on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $74.00 price objective on shares of 1st Source in a report on Monday, April 27th. One investment 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

1st Source Trading Down 0.6%

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The business has a 50 day moving average of $73.68 and a 200-day moving average of $69.03. The stock has a market cap of $1.88 billion, a PE ratio of 11.97 and a beta of 0.59.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.01). The business had revenue of $112.25 million during the quarter, compared to analyst estimates of $111.88 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. On average, analysts anticipate that 1st Source Corporation will post 6.78 EPS for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.43 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.2%. This is an increase from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is currently 26.38%.

Institutional Trading of 1st Source

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after buying an additional 371 shares during the last quarter. Quarry LP boosted its position 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 buying an additional 610 shares during the last quarter. Rossby Financial LCC purchased a new position in 1st Source in the 4th quarter valued at about $50,000. Tower Research Capital LLC TRC boosted its position in 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 valued at $104,000 after buying an additional 1,368 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in 1st Source in the 4th quarter valued at about $128,000. 74.45% of the stock is currently 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.