1st Source (NASDAQ:SRCE) Hits New 1-Year High - Time to Buy?

Key Points

• 1st Source (NASDAQ:SRCE) shares hit a new 52‑week high of $71.99 and last traded around $71.79 on the session referenced.
• Analysts have an average rating of "Hold" with a consensus target of $75.33, though Piper Sandler is more bullish (overweight, $83 target) and DA Davidson recently raised its target to $74 while Weiss Ratings reaffirmed a buy.
• The company has a market cap of $1.75 billion and a P/E of 11.22, reported $1.67 EPS for the quarter with analysts forecasting ~5.82 EPS for the year, and it pays a $0.40 quarterly dividend (≈2.2% yield) with a ~25% payout ratio and ~74% institutional ownership.

Shares of 1st Source Corporation (NASDAQ:SRCE - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $71.99 and last traded at $71.7880, with a volume of 11976 shares changing hands. The stock had previously closed at $71.53.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Monday, December 29th. DA Davidson upped their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a "neutral" rating in a report on Wednesday, January 28th. Finally, Piper Sandler upped their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an "overweight" rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $75.33.

1st Source Stock Up 0.6%

The company has a fifty day simple moving average of $68.59 and a 200-day simple moving average of $64.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.75 billion, a P/E ratio of 11.22 and a beta of 0.58.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. The business had revenue of $115.39 million for the quarter. On average, equities analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 annualized dividend and a yield of 2.2%. 1st Source's payout ratio is currently 24.96%.

Hedge Funds Weigh In On 1st Source

Several large investors have recently added to or reduced their stakes in the company. Kelman Lazarov Inc. bought a new stake in 1st Source during the third quarter valued at about $1,442,000. American Century Companies Inc. raised its holdings in 1st Source by 30.7% during the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider's stock valued at $20,890,000 after acquiring an additional 79,614 shares during the period. JPMorgan Chase & Co. raised its holdings in 1st Source by 40.3% during the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider's stock valued at $4,828,000 after acquiring an additional 22,525 shares during the period. Semanteon Capital Management LP bought a new stake in 1st Source during the third quarter valued at about $570,000. Finally, AlphaQuest LLC raised its holdings in 1st Source by 507.5% during the third quarter. AlphaQuest LLC now owns 8,985 shares of the financial services provider's stock valued at $553,000 after acquiring an additional 7,506 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.