1st Source (NASDAQ:SRCE) Issues Earnings Results

1st Source (NASDAQ:SRCE) posted its quarterly earnings results on Thursday. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24, FiscalAI reports. The firm had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%.

1st Source Trading Up 3.4%

NASDAQ SRCE traded up $2.82 during trading on Friday, hitting $86.00. The stock had a trading volume of 30,266 shares, compared to its average volume of 133,187. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $2.07 billion, a PE ratio of 13.16 and a beta of 0.58. The firm has a 50 day moving average price of $78.27 and a 200 day moving average price of $72.46. 1st Source has a twelve month low of $56.89 and a twelve month high of $86.80.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be issued a dividend of $0.45 per share. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 1st Source’s dividend payout ratio (DPR) is 26.38%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SRCE shares. Piper Sandler increased their price target on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. DA Davidson reaffirmed a “neutral” rating and issued a $74.00 price target on shares of 1st Source in a research report on Monday, April 27th. Finally, Weiss Ratings reissued a “buy (a-)” rating on shares of 1st Source in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.00.

Institutional Investors Weigh In On 1st Source

A number of hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its holdings in 1st Source by 1.2% in the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock valued at $1,043,000 after purchasing an additional 206 shares during the last quarter. Engineers Gate Manager LP lifted its stake in 1st Source by 8.9% in the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after buying an additional 304 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in 1st Source by 562.1% during 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. Zacks Investment Management increased its position in 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 buying an additional 388 shares in the last quarter. Finally, Man Group plc raised its holdings in shares of 1st Source by 3.6% in 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 during the last quarter. 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.