1st Source (NASDAQ:SRCE) Issues Earnings Results, Beats Expectations By $0.07 EPS

1st Source (NASDAQ:SRCE) announced its quarterly earnings data on Thursday. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.07, reports. The company had revenue of $115.39 million for the quarter, compared to analysts’ expectations of $110.92 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%.

1st Source Stock Up 2.2%

SRCE traded up $1.42 on Friday, reaching $67.33. The company’s stock had a trading volume of 159,174 shares, compared to its average volume of 115,461. 1st Source has a 1 year low of $52.14 and a 1 year high of $69.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 11.20 and a beta of 0.65. The business’s 50 day moving average is $64.46 and its 200 day moving average is $62.55.

1st Source Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be paid a $0.40 dividend. The ex-dividend date is Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.4%. 1st Source’s dividend payout ratio (DPR) is 26.62%.

Insider Buying and Selling

In related 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 value of $125,419.00. Following the sale, the vice president directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 19.55% of the stock is currently owned by insiders.

Institutional Trading of 1st Source

Hedge funds have recently added to or reduced their stakes in the business. PharVision Advisers LLC acquired a new position in shares of 1st Source in the 3rd quarter valued at approximately $226,000. Voleon Capital Management LP bought a new stake in 1st Source in the third quarter valued at approximately $404,000. Quarry LP lifted its stake in shares of 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after buying an additional 610 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in 1st Source by 3.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 167,192 shares of the financial services provider’s stock worth $10,292,000 after purchasing an additional 5,590 shares during the last quarter. Finally, Brevan Howard Capital Management LP acquired a new position in shares of 1st Source during the 3rd quarter worth approximately $376,000. Institutional investors own 74.45% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler increased their price target on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Monday, December 29th. Finally, DA Davidson increased their target price on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.33.

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.