1st Source (NASDAQ:SRCE) Reaches New 12-Month High – Here’s Why

Shares of 1st Source Co. (NASDAQ:SRCE) reached a new 52-week high during trading on Wednesday . The stock traded as high as $67.70 and last traded at $67.12, with a volume of 1901 shares changing hands. The stock had previously closed at $67.01.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several recent analyst reports. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their target price for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Trading Down 0.8 %

The stock has a market capitalization of $1.60 billion, a P/E ratio of 12.47 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day simple moving average is $60.32 and its 200 day simple moving average is $56.90.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.05. The company had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same period in the previous year, the firm posted $1.32 EPS. As a group, equities research analysts forecast that 1st Source Co. will post 5.36 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, November 5th. 1st Source’s dividend payout ratio (DPR) is presently 27.43%.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Isthmus Partners LLC boosted its position in 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after buying an additional 1,943 shares during the period. LRI Investments LLC acquired a new stake in 1st Source during the 1st quarter worth approximately $48,000. nVerses Capital LLC boosted its position 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 period. CWM LLC boosted its position 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 period. Finally, New York State Teachers Retirement System boosted its position in 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 buying an additional 182 shares during the period. 74.45% of the stock is owned by institutional investors.

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.