1st Source Co. (NASDAQ:SRCE) CFO Andrea G. Short sold 2,200 shares of 1st Source stock in a transaction dated Wednesday, June 9th. The stock was sold at an average price of $49.97, for a total transaction of $109,934.00. Following the completion of the sale, the chief financial officer now owns 59,598 shares of the company's stock, valued at approximately $2,978,112.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
1st Source stock traded up $0.30 during midday trading on Friday, hitting $49.38. The company's stock had a trading volume of 661 shares, compared to its average volume of 72,736. 1st Source Co. has a 1-year low of $28.72 and a 1-year high of $51.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day simple moving average of $48.10. The company has a market capitalization of $1.25 billion, a P/E ratio of 13.58 and a beta of 1.20.
1st Source (NASDAQ:SRCE) last issued its earnings results on Wednesday, April 21st. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $0.88 by $0.22. The company had revenue of $83.28 million during the quarter, compared to analysts' expectations of $83.40 million. 1st Source had a net margin of 25.67% and a return on equity of 10.11%. As a group, equities research analysts forecast that 1st Source Co. will post 4.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 14th. Stockholders of record on Tuesday, May 4th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, May 3rd. This is a boost from 1st Source's previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a dividend yield of 2.43%. 1st Source's payout ratio is presently 37.85%.
Separately, Zacks Investment Research upgraded shares of 1st Source from a "hold" rating to a "buy" rating and set a $54.00 price objective for the company in a research note on Wednesday, May 5th.
Several institutional investors have recently made changes to their positions in SRCE. Lazard Asset Management LLC grew its holdings in shares of 1st Source by 189.0% during the 1st quarter. Lazard Asset Management LLC now owns 604 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 395 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of 1st Source by 278.3% during the 1st quarter. Royal Bank of Canada now owns 923 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 679 shares during the last quarter. Fieldpoint Private Securities LLC bought a new stake in shares of 1st Source during the 1st quarter valued at approximately $68,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of 1st Source during the 4th quarter valued at approximately $71,000. Finally, Citigroup Inc. grew its holdings in shares of 1st Source by 90.6% during the 4th quarter. Citigroup Inc. now owns 4,028 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 1,915 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors.
1st Source Company Profile
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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