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

1st Source Co. (NASDAQ:SRCE)’s share price hit a new 52-week high on Monday . The company traded as high as $68.10 and last traded at $68.04, with a volume of 24763 shares trading hands. The stock had previously closed at $66.29.

Analysts Set New Price Targets

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

1st Source Stock Performance

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.65 billion, a P/E ratio of 12.63 and a beta of 0.78. The company has a 50-day moving average price of $61.11 and a two-hundred day moving average price of $57.57.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the firm earned $1.32 earnings per share. On average, equities analysts forecast that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Tuesday, November 5th. 1st Source’s payout ratio is 27.43%.

Institutional Trading of 1st Source

A number of large investors have recently added to or reduced their stakes in SRCE. Geode Capital Management LLC increased its stake in shares of 1st Source by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock worth $25,959,000 after purchasing an additional 3,780 shares during the last quarter. Barclays PLC increased its position in 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after buying an additional 25,687 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of 1st Source during the 3rd quarter valued at $266,000. Jane Street Group LLC grew its stake in shares of 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after acquiring an additional 21,254 shares during the period. Finally, State Street Corp raised its stake in 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after acquiring an additional 9,235 shares during the period. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

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.