1st Source (NASDAQ:SRCE) Sets New 12-Month High – What’s Next?

1st Source Corporation (NASDAQ:SRCE)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $68.44 and last traded at $68.41, with a volume of 8750 shares traded. The stock had previously closed at $67.40.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SRCE shares. DA Davidson lifted their price target on 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Zacks Research downgraded shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, 1st Source currently has a consensus rating of “Hold” and a consensus target price of $72.67.

1st Source Price Performance

The business has a fifty day moving average of $63.76 and a 200 day moving average of $62.47. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $1.67 billion, a PE ratio of 11.38 and a beta of 0.65.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.12. The company had revenue of $110.26 million for the quarter, compared to analyst estimates of $109.46 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%. Sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

Insider Transactions at 1st Source

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $4,355,075.76. This represents a 2.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.55% of the stock is owned by insiders.

Hedge Funds Weigh In On 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 371 shares in the last quarter. Quarry LP increased its holdings in shares of 1st Source by 1,694.4% in the third quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after buying an additional 610 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of 1st Source in the 3rd quarter valued at $60,000. CX Institutional acquired a new stake in shares of 1st Source during the second quarter valued at approximately $63,000. Finally, Tower Research Capital LLC TRC boosted its position in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,368 shares during the period. 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.