1st Source (NASDAQ:SRCE) Hits New 52-Week High – What’s Next?

1st Source Corporation (NASDAQ:SRCE) shares hit a new 52-week high on Thursday . The company traded as high as $91.46 and last traded at $90.30, with a volume of 140746 shares trading hands. The stock had previously closed at $90.62.

Analyst Upgrades and Downgrades

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

1st Source Stock Performance

The stock has a 50-day moving average price of $80.19 and a 200 day moving average price of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.76 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. On average, analysts forecast that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is 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 26.38%.

Institutional Investors Weigh In On 1st Source

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in 1st Source by 40.3% in the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after buying an additional 22,525 shares in the last quarter. CM Management LLC acquired a new position in shares of 1st Source during the 4th quarter worth about $1,094,000. Principal Financial Group Inc. acquired a new position in shares of 1st Source during the 1st quarter worth about $1,628,000. Denali Advisors LLC increased its holdings in shares of 1st Source by 10.2% in the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock valued at $7,536,000 after acquiring an additional 11,200 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of 1st Source by 10.2% in 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 acquiring an additional 122,146 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other 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.