1st Source (NASDAQ:SRCE) Reaches New 52-Week High – What’s Next?

1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $91.46 and last traded at $90.30, with a volume of 140746 shares changing hands. The stock had previously closed at $90.62.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SRCE shares. Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a report on Monday. Piper Sandler boosted their price objective on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday. DA Davidson upped their price objective on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $89.67.

1st Source Price Performance

The firm has a market cap of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s 50-day simple moving average is $79.55 and its two-hundred day simple moving average is $73.15.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The firm had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. Equities research analysts forecast that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a $0.45 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. 1st Source’s dividend payout ratio is currently 27.61%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of 1st Source by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 1st Source by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after acquiring an additional 8,614 shares during the period. Geode Capital Management LLC grew its position in 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock valued at $31,173,000 after acquiring an additional 14,643 shares during the last quarter. Janus Henderson Group PLC grew its position in 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after acquiring an additional 125,248 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its stake in 1st Source by 19.8% in the fourth quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock worth $19,918,000 after purchasing an additional 52,787 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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.