1st Source (NASDAQ:SRCE) Reaches New 1-Year High Following Dividend Announcement

Key Points

• Shares hit a new 52-week high after 1st Source raised its quarterly dividend to $0.43 (from $0.40); the dividend is payable May 15 with an ex‑dividend/record date of May 5, representing a $1.72 annualized payout and ~2.3% yield.
• Analyst sentiment is positive overall with a MarketBeat consensus of "Moderate Buy" and a $75.33 price target; notable actions include Piper Sandler raising its target to $83 (overweight) and Weiss upgrading to buy (a-).
• Fundamentals show a $1.79B market cap and P/E of 11.49; Q1 EPS of $1.63 slightly missed estimates while revenue beat, and institutional ownership is high at 74.45% with firms like Millennium and UBS increasing stakes.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) shares reached a new 52-week high on Friday following a dividend announcement from the company. The stock traded as high as $76.44 and last traded at $73.6950, with a volume of 70408 shares trading hands. The stock had previously closed at $73.90.The newly announced dividend which will be paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th will be issued a $0.43 dividend. This is a boost from 1st Source's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.3%. 1st Source's payout ratio is presently 24.96%.

Analyst Ratings Changes

Several brokerages have recently commented on SRCE. DA Davidson boosted their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a "neutral" rating in a research note on Wednesday, January 28th. Piper Sandler boosted their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an "overweight" rating in a research note on Monday, January 26th. Finally, Weiss Ratings upgraded shares of 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.33.

1st Source Price Performance

The company's 50 day moving average price is $69.93 and its 200 day moving average price is $65.65. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 11.49 and a beta of 0.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.01). The company had revenue of $113.14 million for the quarter, compared to analyst estimates of $111.88 million. 1st Source had a return on equity of 12.44% and a net margin of 26.38%. On average, equities research analysts predict that 1st Source Corporation will post 6.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 1st Source by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider's stock worth $653,000 after buying an additional 467 shares in the last quarter. Millennium Management LLC lifted its position in 1st Source by 18.9% during the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock worth $14,502,000 after buying an additional 38,610 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 1st Source by 29.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider's stock worth $1,977,000 after buying an additional 7,456 shares in the last quarter. Creative Planning acquired a new position in 1st Source during the 2nd quarter worth about $284,000. Finally, Norges Bank acquired a new position in 1st Source during the 2nd quarter worth about $855,000. Institutional investors and hedge funds 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.