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

1st Source Corporation (NASDAQ:SRCE) reached a new 52-week high during trading on Tuesday . The company traded as high as $71.82 and last traded at $70.4010, with a volume of 6263 shares trading hands. The stock had previously closed at $70.47.

Analysts Set New Price Targets

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

1st Source Stock Performance

The stock has a 50 day moving average of $65.95 and a two-hundred day moving average of $63.14. The stock has a market capitalization of $1.74 billion, a PE ratio of 11.13 and a beta of 0.64. 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 released its earnings results on Thursday, February 5th. The financial services provider reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.07. 1st Source had a return on equity of 12.60% and a net margin of 26.38%.The company had revenue of $115.39 million during the quarter, compared to the consensus estimate of $110.92 million. Research analysts expect that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s dividend payout ratio is presently 24.96%.

Insider Activity

In related news, VP John B. Griffith sold 1,900 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was 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 directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. This trade represents a 2.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 19.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of 1st Source by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after purchasing an additional 122,146 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 buying an additional 8,614 shares during the last quarter. Geode Capital Management LLC increased its position in 1st Source by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock worth $31,173,000 after buying an additional 14,643 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of 1st Source by 30.7% in the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock worth $20,890,000 after acquiring an additional 79,614 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its holdings in shares of 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 acquiring an additional 52,787 shares during the last quarter. 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.