1st Source (NASDAQ:SRCE) Reaches New 52-Week High – Here’s Why

Shares of 1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $75.43 and last traded at $75.2590, with a volume of 42574 shares. The stock had previously closed at $72.54.

Analyst Ratings Changes

A number of brokerages recently issued reports on SRCE. Piper Sandler raised their price target on 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Finally, DA Davidson raised their price target on 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, 1st Source currently has a consensus rating of “Moderate Buy” and an average target price of $75.33.

1st Source Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.82 billion, a P/E ratio of 11.65 and a beta of 0.58. The stock has a 50 day moving average of $69.60 and a 200-day moving average of $65.32.

1st Source (NASDAQ:SRCE) last issued its earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. The business had revenue of $115.39 million during the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%. On average, equities research analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. 1st Source’s payout ratio is 24.96%.

Institutional Investors Weigh In On 1st Source

A number of institutional investors and hedge funds have recently bought and sold shares of SRCE. Vanguard Group Inc. raised its position in 1st Source by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after purchasing an additional 122,146 shares in the last quarter. Janus Henderson Group PLC raised its position in 1st Source by 49.3% during the 4th quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock valued at $20,965,000 after purchasing an additional 110,711 shares in the last quarter. UBS Group AG raised its position in 1st Source by 54.9% during the 3rd quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock valued at $14,998,000 after purchasing an additional 86,322 shares in the last quarter. American Century Companies Inc. raised its position in 1st Source by 30.7% during the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after purchasing an additional 79,614 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in 1st Source by 95.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 78,994 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

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.