1st Source (NASDAQ:SRCE) Sets New 12-Month High – Here’s Why

1st Source Corporation (NASDAQ:SRCE)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $78.80 and last traded at $78.5690, with a volume of 119343 shares traded. The stock had previously closed at $78.52.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SRCE. Piper Sandler lifted their price objective on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Finally, DA Davidson restated a “neutral” rating and issued a $74.00 target price on shares of 1st Source in a research report 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.00.

1st Source Price Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.87 billion, a PE ratio of 11.91 and a beta of 0.59. The stock has a 50-day simple moving average of $73.95 and a 200 day simple moving average of $69.23.

1st Source (NASDAQ:SRCE) last posted its 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). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The business had revenue of $112.25 million during the quarter, compared to analysts’ expectations of $111.88 million. Equities analysts expect that 1st Source Corporation will post 6.78 EPS for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a $0.43 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, May 5th. 1st Source’s dividend payout ratio (DPR) is presently 26.38%.

Institutional Investors Weigh In On 1st Source

A number of institutional investors have recently modified their holdings of SRCE. EverSource Wealth Advisors LLC grew its stake in shares of 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 grew its stake 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. Rossby Financial LCC acquired a new stake in shares of 1st Source in the fourth quarter valued at $50,000. Tower Research Capital LLC TRC grew its stake in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of 1st Source in the fourth quarter valued at $128,000. 74.45% of the stock is 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.