1st Source (NASDAQ:SRCE) Hits New 12-Month High – Time to Buy?

Shares of 1st Source Corporation (NASDAQ:SRCE) reached a new 52-week high on Tuesday . The company traded as high as $69.57 and last traded at $69.2450, with a volume of 4417 shares. The stock had previously closed at $68.47.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. DA Davidson upped their price objective 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. Finally, Piper Sandler lifted their target price on 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $75.33.

1st Source Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.67 billion, a PE ratio of 11.38 and a beta of 0.64. The company’s 50-day simple moving average is $64.69 and its 200-day simple moving average is $62.59.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, February 5th. The financial services provider reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.07. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. The business had revenue of $115.39 million during the quarter, compared to the consensus estimate of $110.92 million. As a group, sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, February 3rd. 1st Source’s dividend payout ratio (DPR) is presently 26.62%.

Insider Activity

In other news, VP John B. Griffith sold 1,900 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the completion of the sale, the vice president owned 65,976 shares in the company, valued at $4,355,075.76. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 19.55% of the company’s stock.

Hedge Funds Weigh In On 1st Source

Institutional investors have recently bought and sold shares of the company. CM Management LLC purchased a new position in 1st Source during the 4th quarter worth $1,094,000. Vanguard Group Inc. raised its holdings in 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after purchasing an additional 122,146 shares in the last quarter. CWM LLC raised its holdings in 1st Source by 27.4% during the fourth quarter. CWM LLC now owns 6,280 shares of the financial services provider’s stock worth $392,000 after purchasing an additional 1,352 shares in the last quarter. Ellsworth Advisors LLC lifted its position in 1st Source by 6.2% in the fourth quarter. Ellsworth Advisors LLC now owns 10,846 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 630 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in 1st Source by 9.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,823 shares of the financial services provider’s stock valued at $426,000 after purchasing an additional 607 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

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.