1st Source (NASDAQ:SRCE) Hits New 12-Month High – Still a Buy?

1st Source Corporation (NASDAQ:SRCE)’s share price reached a new 52-week high on Monday . The company traded as high as $76.44 and last traded at $75.9950, with a volume of 65615 shares traded. The stock had previously closed at $75.35.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SRCE. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Piper Sandler boosted their target price on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $74.00 price target on shares of 1st Source in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.00.

1st Source Trading Up 0.8%

The stock has a market cap of $1.83 billion, a P/E ratio of 11.65 and a beta of 0.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The business’s 50 day simple moving average is $72.84 and its 200 day simple moving average is $68.45.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). The business had revenue of $112.25 million for the quarter, compared to the consensus estimate of $111.88 million. 1st Source had a return on equity of 12.39% and a net margin of 26.66%. On average, analysts expect that 1st Source Corporation will post 6.78 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, May 5th. 1st Source’s dividend payout ratio is presently 26.38%.

Institutional Trading of 1st Source

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in 1st Source by 40.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock worth $4,828,000 after acquiring an additional 22,525 shares during the period. Kelman Lazarov Inc. acquired a new stake in 1st Source during the 3rd quarter worth $1,442,000. CM Management LLC acquired a new stake in 1st Source during the 4th quarter worth $1,094,000. American Century Companies Inc. grew its holdings in 1st Source by 30.7% during the 3rd 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 period. Finally, Denali Advisors LLC grew its holdings in 1st Source by 10.2% during the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock worth $7,536,000 after acquiring an additional 11,200 shares during the period. Institutional investors and hedge funds own 74.45% of the company’s stock.

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.