1st Source (NASDAQ:SRCE) Stock Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• 1st Source shares crossed above their 200-day moving average, reaching $86.76 and last trading at $86.49, compared with a 200-day average of $76.34.
• Analyst sentiment remains positive, with an average rating of “Moderate Buy” and a consensus price target of $89.67; Piper Sandler raised its target to $100.
• The company exceeded quarterly earnings and revenue expectations, reporting EPS of $1.95 versus $1.71 expected, while increasing its quarterly dividend to $0.45 per share, or a 2.1% annual yield.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $76.34 and traded as high as $86.76. 1st Source shares last traded at $86.49, with a volume of 83,905 shares changing hands.

Wall Street Analyst Weigh In

SRCE has been the topic of several recent analyst reports. Weiss Ratings cut shares of 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, July 28th. Piper Sandler upped their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Zacks Research raised shares of 1st Source from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. DA Davidson lifted their price target on shares of 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $89.67.

1st Source Stock Up 0.4%

The company has a market cap of $2.08 billion, a PE ratio of 13.27 and a beta of 0.57. The company has a fifty day moving average of $84.86 and a two-hundred day moving average of $76.34. 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 announced its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.24. The business had revenue of $118.16 million during 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%. As a group, analysts anticipate that 1st Source Corporation will post 7.26 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently declared 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 is a boost from 1st Source's previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 4th. 1st Source's payout ratio is presently 27.61%.

Insider Buying and Selling at 1st Source

In related news, CFO Brett A. Bauer sold 500 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 20.17% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SRCE. Russell Investments Group Ltd. raised its position in 1st Source by 1.2% during the 4th quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider's stock valued at $1,043,000 after purchasing an additional 206 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of 1st Source by 8.9% in the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider's stock worth $231,000 after buying an additional 304 shares during the period. Nykredit A S bought a new position in shares of 1st Source during the 2nd quarter worth $27,000. EverSource Wealth Advisors LLC grew its position in shares of 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock worth $27,000 after buying an additional 371 shares in the last quarter. Finally, Zacks Investment Management increased its stake in shares of 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider's stock valued at $592,000 after buying an additional 388 shares during the period. 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.

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.

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