1st Source (NASDAQ:SRCE) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

1st Source Corporation (NASDAQ:SRCE) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $68.25 and traded as high as $74.16. 1st Source shares last traded at $72.74, with a volume of 156,663 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SRCE. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. DA Davidson reaffirmed a “neutral” rating and set a $74.00 price target on shares of 1st Source in a research report on Monday, April 27th. Finally, Piper Sandler increased their price target on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.00.

1st Source Stock Performance

The company’s 50 day moving average price is $72.84 and its 200-day moving average price is $68.39. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.81 billion, a PE ratio of 11.56 and a beta of 0.59.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The company had revenue of $112.25 million for the quarter, compared to analysts’ expectations of $111.88 million. Equities research analysts anticipate that 1st Source Corporation will post 6.78 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.43 dividend. The ex-dividend date was Tuesday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.3%. 1st Source’s dividend payout ratio is 26.38%.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its holdings in 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 buying an additional 371 shares in the last quarter. 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 purchased a new position in 1st Source during the 4th quarter valued at about $50,000. Tower Research Capital LLC TRC grew its holdings in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in 1st Source during the 4th quarter valued at about $128,000. 74.45% of the stock is currently owned by hedge funds and other 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.