1st Source (NASDAQ:SRCE) Shares Cross Above 200 Day Moving Average – What’s Next?

1st Source Corporation (NASDAQ:SRCE)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $64.25 and traded as high as $69.12. 1st Source shares last traded at $68.10, with a volume of 234,584 shares changing hands.

Analyst Ratings Changes

Several research firms have issued reports on SRCE. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. DA Davidson increased their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Finally, Piper Sandler lifted their target price on 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $75.33.

1st Source Stock Up 2.9%

The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 10.62 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average price of $67.82 and a 200 day moving average price of $64.25.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.67 earnings per share for the quarter. 1st Source had a return on equity of 12.44% and a net margin of 26.38%.The firm had revenue of $115.39 million during the quarter. Sell-side analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were paid a $0.40 dividend. The ex-dividend date was Tuesday, February 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. 1st Source’s dividend payout ratio (DPR) is 24.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. Russell Investments Group Ltd. increased its holdings in shares of 1st Source by 1.2% in the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock valued at $1,043,000 after purchasing an additional 206 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in 1st Source by 8.9% during the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after buying an additional 304 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in 1st Source by 3.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock worth $531,000 after buying an additional 317 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after buying an additional 371 shares during the last quarter. Finally, Zacks Investment Management boosted its position in 1st Source by 4.2% in the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock valued at $592,000 after buying an additional 388 shares during the last quarter. Institutional investors and hedge funds 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.