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

1st Source Corporation (NASDAQ:SRCE) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $62.42 and traded as high as $63.77. 1st Source shares last traded at $63.43, with a volume of 65,756 shares traded.

Analysts Set New Price Targets

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

1st Source Trading Down 0.1%

The company has a market capitalization of $1.55 billion, a PE ratio of 10.55 and a beta of 0.65. The stock has a fifty day moving average of $63.26 and a two-hundred day moving average of $62.42. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.12. The business had revenue of $110.26 million during the quarter, compared to analyst estimates of $109.46 million. 1st Source had a net margin of 24.97% and a return on equity of 12.25%. As a group, sell-side analysts anticipate that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, November 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.38. 1st Source’s dividend payout ratio is currently 26.62%.

Insider Activity

In related news, VP John B. Griffith sold 1,900 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total value of $125,419.00. Following the completion of the transaction, the vice president directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 19.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC purchased a new position in 1st Source during the fourth quarter valued at $295,000. JPMorgan Chase & Co. increased its stake in shares of 1st Source by 40.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock worth $4,828,000 after purchasing an additional 22,525 shares in the last quarter. PharVision Advisers LLC bought a new stake in 1st Source during the 3rd quarter worth approximately $226,000. Voleon Capital Management LP purchased a new position in shares of 1st Source during the 3rd quarter valued at $404,000. Finally, Quarry LP lifted its holdings in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 610 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.