1st Source (NASDAQ:SRCE) Posts Earnings Results

1st Source (NASDAQ:SRCE) issued its quarterly earnings results on Thursday. The financial services provider reported $1.69 EPS for the quarter, beating the consensus estimate of $1.62 by $0.07, reports. 1st Source had a net margin of 26.38% and a return on equity of 12.60%. The company had revenue of $115.39 million for the quarter, compared to the consensus estimate of $110.92 million.

1st Source Stock Performance

NASDAQ:SRCE opened at $70.45 on Friday. The company has a market cap of $1.72 billion, a P/E ratio of 10.99 and a beta of 0.64. 1st Source has a twelve month low of $52.14 and a twelve month high of $71.00. The company’s 50-day moving average price is $65.23 and its 200-day moving average price is $62.77. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Tuesday, February 3rd will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, February 3rd. 1st Source’s payout ratio is presently 24.96%.

Insider Transactions at 1st Source

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total value of $125,419.00. Following the completion of the sale, the vice president directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. This trade represents a 2.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.55% of the stock is currently owned by insiders.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently modified their holdings of the business. UBS Group AG raised its stake in shares of 1st Source by 54.9% in the 3rd quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock valued at $14,998,000 after acquiring an additional 86,322 shares during the period. Millennium Management LLC boosted its position in 1st Source by 18.9% in the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock valued at $14,502,000 after buying an additional 38,610 shares during the period. Bridgeway Capital Management LLC increased its position in shares of 1st Source by 4.5% during the third quarter. Bridgeway Capital Management LLC now owns 216,629 shares of the financial services provider’s stock worth $13,336,000 after acquiring an additional 9,421 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of 1st Source by 3.5% in the third quarter. Qube Research & Technologies Ltd now owns 167,192 shares of the financial services provider’s stock valued at $10,292,000 after acquiring an additional 5,590 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in 1st Source by 25.7% in the third quarter. Two Sigma Investments LP now owns 79,566 shares of the financial services provider’s stock valued at $4,898,000 after purchasing an additional 16,287 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.