1st Source (NASDAQ:SRCE) CFO Sells $43,945.00 in Stock

1st Source Corporation (NASDAQ:SRCE) CFO Brett Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

1st Source Price Performance

Shares of SRCE opened at $88.51 on Thursday. The company’s 50-day moving average is $82.65 and its 200-day moving average is $74.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $2.13 billion, a PE ratio of 13.58 and a beta of 0.57. 1st Source Corporation has a fifty-two week low of $56.89 and a fifty-two week high of $91.46.

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, beating 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%. Equities analysts forecast that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, August 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio is 27.61%.

Institutional Trading of 1st Source

A number of institutional investors have recently bought and sold shares of SRCE. Quantbot Technologies LP acquired a new stake in 1st Source during the second quarter worth approximately $642,000. Ieq Capital LLC acquired a new stake in shares of 1st Source during the 2nd quarter worth approximately $547,000. Frazier Financial Advisors LLC acquired a new stake in shares of 1st Source during the 2nd quarter worth approximately $40,000. Denali Advisors LLC bought a new stake in shares of 1st Source in the 2nd quarter valued at $6,600,000. Finally, BlackRock Inc. bought a new stake in shares of 1st Source in the 2nd quarter valued at $166,355,000. Institutional investors own 74.45% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.