1st Source (NASDAQ:SRCE) Trading Down 3.5% – Here’s Why

1st Source Co. (NASDAQ:SRCE)’s share price was down 3.5% on Friday . The stock traded as low as $57.16 and last traded at $57.39. Approximately 4,611 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 71,805 shares. The stock had previously closed at $59.49.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SRCE. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Trading Down 3.4 %

The company’s 50 day simple moving average is $59.50 and its 200 day simple moving average is $55.61. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 11.56 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, topping the consensus estimate of $1.36 by $0.05. The firm had revenue of $97.93 million during the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same period in the previous year, the firm posted $1.32 EPS. As a group, research analysts expect that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.51%. 1st Source’s dividend payout ratio (DPR) is 28.97%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in shares of 1st Source during the 1st quarter worth $48,000. nVerses Capital LLC lifted its holdings in 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after buying an additional 600 shares during the last quarter. CWM LLC lifted its holdings in 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after buying an additional 1,198 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 182 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 218 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.