1st Source (NASDAQ:SRCE) Hits New 52-Week High – Should You Buy?

1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high on Monday . The company traded as high as $76.44 and last traded at $75.9950, with a volume of 65615 shares. The stock had previously closed at $75.35.

Analyst Upgrades and Downgrades

SRCE has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $74.00 price target on shares of 1st Source in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.00.

1st Source Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.87 billion, a P/E ratio of 11.90 and a beta of 0.59. The business’s fifty day moving average is $73.16 and its 200 day moving average is $68.68.

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

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.43 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.2%. 1st Source’s payout ratio is 26.38%.

Institutional Investors Weigh In On 1st Source

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its holdings in 1st Source by 40.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after acquiring an additional 22,525 shares during the period. Kelman Lazarov Inc. bought a new stake in 1st Source during the 3rd quarter valued at $1,442,000. CM Management LLC bought a new stake in 1st Source during the 4th quarter valued at $1,094,000. American Century Companies Inc. raised its holdings in 1st Source by 30.7% during the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after acquiring an additional 79,614 shares during the period. Finally, Denali Advisors LLC raised its holdings in 1st Source by 10.2% during the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock valued at $7,536,000 after acquiring an additional 11,200 shares during the period. Institutional investors own 74.45% of the company’s stock.

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.