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

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $60.00 to $67.50 in a research note on Monday, July 29th. 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 research note on Monday, July 29th.

1st Source Stock Down 0.8 %

The firm has a market cap of $1.60 billion, a P/E ratio of 12.47 and a beta of 0.78. The stock’s 50 day simple moving average is $60.32 and its 200 day simple moving average is $56.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. The business had revenue of $97.93 million during 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 quarter in the previous year, the business posted $1.32 EPS. Research analysts anticipate that 1st Source Co. will post 5.36 EPS for the current year.

1st Source Dividend Announcement

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

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently bought and sold shares of SRCE. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of 1st Source in the 1st quarter worth $628,000. Harbor Capital Advisors Inc. grew its stake in shares of 1st Source by 276.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider’s stock worth $770,000 after acquiring an additional 10,544 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of 1st Source by 134.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,821 shares of the financial services provider’s stock worth $777,000 after acquiring an additional 8,490 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of 1st Source by 9.6% in the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after acquiring an additional 12,774 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of 1st Source by 17.4% in the 2nd quarter. AQR Capital Management LLC now owns 81,494 shares of the financial services provider’s stock worth $4,370,000 after acquiring an additional 12,067 shares in the last quarter. 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.