1st Source (NASDAQ:SRCE) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Shares of 1st Source Corporation (NASDAQ:SRCE) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $76.34 and traded as high as $86.76. 1st Source shares last traded at $86.49, with a volume of 83,905 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SRCE shares. DA Davidson upped their target price on shares of 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods boosted their price target on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Piper Sandler upped their price objective on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, July 28th. Finally, Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, 1st Source currently has an average rating of “Moderate Buy” and an average target price of $89.67.

1st Source Stock Down 0.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day moving average is $85.05 and its 200 day moving average is $76.41. The firm has a market capitalization of $2.08 billion, a PE ratio of 13.25 and a beta of 0.57.

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

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Tuesday, August 4th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 4th. This is an increase from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio is currently 27.61%.

Insider Buying and Selling

In other 1st Source news, CFO Brett A. Bauer sold 500 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the transaction, the chief financial officer owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 20.17% of the company’s stock.

Institutional Trading of 1st Source

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nykredit A S purchased a new position in 1st Source in the 2nd quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after buying an additional 371 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in shares of 1st Source in the second quarter valued at approximately $40,000. Quarry LP raised its position 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 during the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of 1st Source during the fourth quarter valued at approximately $50,000. 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.