1st Source (NASDAQ:SRCE) Sets New 1-Year High – Still a Buy?

Shares of 1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high on Tuesday . The stock traded as high as $69.57 and last traded at $69.2450, with a volume of 4417 shares traded. The stock had previously closed at $68.47.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SRCE. Piper Sandler upped their price objective on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Finally, DA Davidson raised their price target on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $75.33.

1st Source Stock Performance

The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 11.38 and a beta of 0.64. The firm has a 50 day moving average price of $64.69 and a 200-day moving average price of $62.59. 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 (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.07. The company had revenue of $115.39 million for the quarter, compared to the consensus estimate of $110.92 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%. As a group, sell-side analysts expect that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Tuesday, February 3rd will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, February 3rd. This represents a $1.60 annualized dividend and a yield of 2.3%. 1st Source’s dividend payout ratio (DPR) is 26.62%.

Insider Transactions at 1st Source

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total transaction of $125,419.00. Following the completion of the transaction, the vice president owned 65,976 shares in the company, valued at $4,355,075.76. The trade was a 2.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 19.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 1st Source

A number of institutional investors and hedge funds have recently modified their holdings of SRCE. EverSource Wealth Advisors LLC raised its stake in 1st Source by 562.1% in the second 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 in the last quarter. Quarry LP increased its holdings in shares of 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 acquiring an additional 610 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of 1st Source during the 3rd quarter worth about $60,000. Tower Research Capital LLC TRC raised its position in shares of 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 in the last quarter. Finally, Financial Life Planners purchased a new stake in 1st Source during the third quarter worth approximately $173,000. Institutional investors and hedge funds 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.