1st Source (NASDAQ:SRCE) Reaches New 1-Year High – Should You Buy?

1st Source Corporation (NASDAQ:SRCE)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $71.82 and last traded at $70.4010, with a volume of 6263 shares trading hands. The stock had previously closed at $70.47.

Analyst Ratings Changes

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

1st Source Trading Down 1.0%

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 market cap of $1.71 billion, a price-to-earnings ratio of 10.90 and a beta of 0.64. The firm’s 50-day moving average is $66.18 and its 200-day moving average is $63.27.

1st Source (NASDAQ:SRCE) last announced its earnings results on Friday, January 23rd. The financial services provider reported $1.67 EPS for the quarter. The company had revenue of $115.39 million during the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.60%. As a group, sell-side analysts anticipate that 1st Source Corporation will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

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

Insider Activity

In other 1st Source news, VP John B. Griffith sold 1,900 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction 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 approximately $4,355,075.76. This represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 19.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 1st Source

Large investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in shares of 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares during the period. Quarry LP grew its holdings in 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock valued at $40,000 after buying an additional 610 shares in the last quarter. Rossby Financial LCC bought a new stake in shares of 1st Source during the fourth quarter valued at about $50,000. State of Alaska Department of Revenue purchased a new stake in shares of 1st Source in the third quarter worth about $60,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,368 shares during the period. 74.45% of the stock is owned by institutional investors.

About 1st Source

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.