1st Source (NASDAQ:SRCE) Reaches New 52-Week High - What's Next?

Key Points

• 1st Source shares reached a new 52-week high of $91.46, closing near $90.30. The stock has a consensus “Hold” rating, with analysts’ average price target at $89.67, although Piper Sandler raised its target to $100 and maintained an “overweight” rating.
• The company exceeded quarterly expectations, reporting $1.95 in earnings per share versus the $1.71 consensus estimate and revenue of $118.16 million, ahead of forecasts.
• 1st Source increased its quarterly dividend to $0.45 per share, equivalent to an annualized $1.80 dividend and a 2.0% yield. Institutional investors own approximately 74.45% of the company’s stock.

1st Source Corporation (NASDAQ:SRCE - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $91.46 and last traded at $90.30, with a volume of 140746 shares changing hands. The stock had previously closed at $90.62.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SRCE. DA Davidson upped their price objective on 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research note on Monday. Weiss Ratings downgraded 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday. Piper Sandler boosted their price target on 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods upped their price target on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research note on Monday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $89.67.

1st Source Price Performance

The firm's fifty day simple moving average is $79.55 and its 200 day simple moving average is $73.15. The firm has a market cap of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The firm had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. As a group, analysts forecast that 1st Source Corporation will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 annualized dividend and a yield of 2.0%. This is a boost from 1st Source's previous quarterly dividend of $0.43. 1st Source's dividend payout ratio (DPR) is 27.61%.

Institutional Trading of 1st Source

Large investors have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in shares of 1st Source by 4.6% during the 1st quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider's stock valued at $7,544,000 after acquiring an additional 4,776 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of 1st Source by 5.4% in the first quarter. Bank of America Corp DE now owns 58,669 shares of the financial services provider's stock valued at $4,060,000 after purchasing an additional 2,986 shares in the last quarter. Edgestream Partners L.P. increased its position in 1st Source by 226.9% in the first quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider's stock worth $2,964,000 after purchasing an additional 29,732 shares during the last quarter. Janus Henderson Group PLC increased its position in 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock worth $31,889,000 after purchasing an additional 125,248 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in 1st Source by 14.2% during the first quarter. Quantinno Capital Management LP now owns 7,497 shares of the financial services provider's stock valued at $519,000 after purchasing an additional 932 shares in the last quarter. Institutional investors own 74.45% of the company's stock.

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.

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