1st Source (NASDAQ:SRCE) Sets New 12-Month High – What’s Next?

Shares of 1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $76.44 and last traded at $75.9950, with a volume of 65615 shares trading hands. The stock had previously closed at $75.35.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Piper Sandler boosted their price target on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. DA Davidson reissued a “neutral” rating and set a $74.00 price objective on shares of 1st Source in a research report on Monday, April 27th. Finally, Weiss Ratings raised shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

1st Source Stock Performance

The company has a market capitalization of $1.83 billion, a P/E ratio of 11.65 and a beta of 0.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s fifty day moving average price is $72.84 and its 200-day moving average price is $68.45.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.01). The company had revenue of $112.25 million during the quarter, compared to the consensus estimate of $111.88 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. As a group, research analysts anticipate that 1st Source Corporation will post 6.78 EPS for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a $0.43 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.3%. This is an increase from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is currently 26.38%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SRCE. JPMorgan Chase & Co. increased its holdings in shares of 1st Source by 40.3% during the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock worth $4,828,000 after purchasing an additional 22,525 shares during the period. Kelman Lazarov Inc. bought a new position in shares of 1st Source during the third quarter worth approximately $1,442,000. CM Management LLC bought a new position in shares of 1st Source during the fourth quarter worth approximately $1,094,000. American Century Companies Inc. increased its holdings in shares of 1st Source by 30.7% during the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock worth $20,890,000 after purchasing an additional 79,614 shares during the period. Finally, Denali Advisors LLC increased its holdings in shares of 1st Source by 10.2% during the fourth quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock worth $7,536,000 after purchasing an additional 11,200 shares during the period. 74.45% of the stock is owned by institutional investors.

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.