1st Source (NASDAQ:SRCE) Stock Breaks Above 200 Day Moving Average – Here’s Why

1st Source Corporation (NASDAQ:SRCE) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $80.25 and traded as high as $86.03. 1st Source shares last traded at $84.70, with a volume of 71,658 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SRCE shares. Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. DA Davidson raised their price target on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their price objective 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. Piper Sandler upped their price target on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Finally, Zacks Research cut 1st Source from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.67.

1st Source Price Performance

The business’s fifty day moving average price is $86.36 and its 200 day moving average price is $80.36. The stock has a market cap of $2.03 billion, a P/E ratio of 12.93 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97.

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

1st Source Increases Dividend

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

Insider Buying and Selling

In other 1st Source news, CFO Brett Bauer sold 500 shares of the firm’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 of the company’s stock, valued at approximately $2,698,750.34. This trade represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 20.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC bought a new position in shares of 1st Source during the 2nd quarter valued at approximately $444,000. Integrated Wealth Concepts LLC purchased a new position in 1st Source during the 2nd quarter valued at about $48,000. Squarepoint Ops LLC grew its position in shares of 1st Source by 101.6% during the 2nd quarter. Squarepoint Ops LLC now owns 6,834 shares of the financial services provider’s stock valued at $558,000 after purchasing an additional 3,444 shares in the last quarter. Nykredit A S bought a new stake in shares of 1st Source during the 2nd quarter valued at about $27,000. Finally, Susquehanna Fundamental Investments LLC raised its position in shares of 1st Source by 34.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 10,243 shares of the financial services provider’s stock valued at $836,000 after buying an additional 2,641 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

About 1st Source

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Through its principal subsidiary, 1st Source Bank, the company provides banking and related financial services to businesses, individuals and organizations.

1st Source Bank offers commercial and consumer lending, deposit accounts, treasury management, mortgage services, and trust and investment services. The bank also provides specialized financing for industries such as aircraft, construction equipment, transportation, marine, agriculture and other commercial markets.

Founded in 1863, 1st Source serves communities primarily across northern Indiana and southwest Michigan through banking offices and specialized lending operations.