1st Source (NASDAQ:SRCE) Share Price Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• 1st Source shares moved above their 200-day moving average, reaching $86.49 before closing at $85.81, compared with a 200-day average of $78.37.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus and an average price target of $89.67. Recent targets range from $82 to $100.
• The company exceeded quarterly earnings expectations, reporting $1.95 in EPS versus $1.71 expected, and increased its quarterly dividend to $0.45 per share, implying a 2.1% yield.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $78.37 and traded as high as $86.49. 1st Source shares last traded at $85.81, with a volume of 89,456 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. DA Davidson upped their price target on shares of 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Zacks Research upgraded shares of 1st Source from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings cut shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, July 28th. Finally, Piper Sandler raised their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.67.

1st Source Trading Down 0.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $2.07 billion, a P/E ratio of 13.16 and a beta of 0.56. The business's fifty day moving average is $86.68 and its 200-day moving average is $78.37.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.71 by $0.24. The company had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. Analysts predict that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, August 4th. This is a positive change from 1st Source's previous quarterly dividend of $0.43. 1st Source's dividend payout ratio (DPR) is presently 27.61%.

Insider Transactions at 1st Source

In other 1st Source news, CFO Brett Bauer sold 500 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer owned 30,706 shares of the company's stock, valued at $2,698,750.34. The trade was a 1.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 20.17% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SRCE. 1ST Source Bank bought a new position in 1st Source during the 2nd quarter valued at approximately $416,946,000. BlackRock Inc. bought a new position in shares of 1st Source during the 2nd quarter valued at $166,355,000. Jupiter Topco LLC purchased a new stake in shares of 1st Source in the 2nd quarter worth $39,286,000. The Manufacturers Life Insurance Company purchased a new position in 1st Source during the second quarter valued at approximately $19,319,000. Finally, Janus Henderson Group PLC raised its stake in 1st Source by 37.4% during the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock valued at $31,889,000 after purchasing an additional 125,248 shares during the period. 74.45% of the stock is owned by hedge funds and other institutional investors.

About 1st Source

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions in northern Indiana and southwest Michigan.

The bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management, cash management, and other traditional banking services. It also provides wealth management, trust and investment services, insurance solutions, and specialized financing for industries such as transportation, construction equipment, aircraft, and marine equipment.

Founded in 1863, 1st Source has developed a regional banking network serving communities across its primary market area.

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