1st Source (NASDAQ:SRCE) Shares Gap Down to $50.65

1st Source Co. (NASDAQ:SRCEGet Rating)’s share price gapped down before the market opened on Friday . The stock had previously closed at $50.65, but opened at $49.41. 1st Source shares last traded at $49.41, with a volume of 100 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SRCE shares. StockNews.com started coverage on 1st Source in a report on Wednesday, October 12th. They set a “hold” rating for the company. DA Davidson boosted their price objective on 1st Source to $53.00 in a research report on Thursday, October 27th.

1st Source Stock Performance

The company has a 50-day simple moving average of $54.32 and a two-hundred day simple moving average of $51.21. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12. The firm has a market cap of $1.15 billion, a PE ratio of 9.90 and a beta of 0.98.

1st Source (NASDAQ:SRCEGet Rating) last posted its quarterly earnings data on Thursday, October 20th. The financial services provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.12. 1st Source had a return on equity of 12.72% and a net margin of 32.33%. The business had revenue of $90.94 million for the quarter, compared to analysts’ expectations of $91.90 million. As a group, equities research analysts forecast that 1st Source Co. will post 4.89 earnings per share for the current year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 16th. Stockholders of record on Monday, February 6th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, February 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.75%. 1st Source’s dividend payout ratio is presently 27.18%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC lifted its position in shares of 1st Source by 53.7% during the 1st quarter. Lazard Asset Management LLC now owns 841 shares of the financial services provider’s stock valued at $38,000 after buying an additional 294 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in 1st Source by 138.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 941 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 547 shares in the last quarter. Venture Visionary Partners LLC purchased a new stake in 1st Source during the 2nd quarter worth about $49,000. Amalgamated Bank purchased a new stake in 1st Source during the 1st quarter worth about $94,000. Finally, Tower Research Capital LLC TRC lifted its holdings in 1st Source by 407.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,377 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 1,909 shares in the last quarter. Hedge funds and other institutional investors own 73.23% of the company’s stock.

1st Source Company Profile

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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.

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