1st Source (NASDAQ:SRCE) Shares Cross Above 200-Day Moving Average – Here’s Why

1st Source Corporation (NASDAQ:SRCE) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $62.00 and traded as high as $67.10. 1st Source shares last traded at $66.83, with a volume of 98,176 shares.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. DA Davidson upped their price target on 1st Source from $67.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Zacks Research downgraded 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $72.67.

1st Source Stock Up 1.0%

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The business’s fifty day moving average price is $61.73 and its two-hundred day moving average price is $62.00. The stock has a market capitalization of $1.63 billion, a PE ratio of 11.12 and a beta of 0.66.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.12. The company had revenue of $110.26 million during the quarter, compared to analysts’ expectations of $109.46 million. 1st Source had a return on equity of 12.25% and a net margin of 24.97%. On average, equities research analysts forecast that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were issued a $0.40 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.38. The ex-dividend date was Tuesday, November 4th. This represents a $1.60 annualized dividend and a yield of 2.4%. 1st Source’s dividend payout ratio is currently 26.62%.

Insider Buying and Selling

In other 1st Source news, VP John B. Griffith sold 1,900 shares of 1st Source stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total transaction of $125,419.00. Following the completion of the sale, the vice president directly owned 65,976 shares in the company, valued at approximately $4,355,075.76. The trade was a 2.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 19.55% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. Vanguard Group Inc. grew its position in 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after purchasing an additional 140,698 shares during the period. Invesco Ltd. boosted its stake in shares of 1st Source by 2.3% in the first quarter. Invesco Ltd. now owns 38,383 shares of the financial services provider’s stock worth $2,296,000 after buying an additional 846 shares during the last quarter. Nuveen LLC acquired a new stake in 1st Source during the first quarter worth about $7,012,000. American Century Companies Inc. raised its position in 1st Source by 57.8% during the first quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider’s stock valued at $11,290,000 after acquiring an additional 69,124 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in 1st Source by 10.7% in the first quarter. Northern Trust Corp now owns 204,189 shares of the financial services provider’s stock valued at $12,213,000 after acquiring an additional 19,755 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.