1st Source (NASDAQ:SRCE) Reaches New 12-Month High on Earnings Beat

1st Source Corporation (NASDAQ:SRCE) hit a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $86.77 and last traded at $86.2550, with a volume of 9347 shares changing hands. The stock had previously closed at $83.18.

The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The business had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million.

1st Source Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. 1st Source’s payout ratio is currently 26.38%.

Analysts Set New Price Targets

SRCE has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of 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 reiterated a “buy (a-)” rating on shares of 1st Source in a research report on Thursday, July 2nd. Finally, DA Davidson reissued a “neutral” rating and set a $74.00 price target on shares of 1st Source in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SRCE. Empowered Funds LLC boosted its stake in 1st Source by 4.6% in the 1st quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider’s stock worth $7,544,000 after purchasing an additional 4,776 shares during the period. Bank of America Corp DE raised its position in shares of 1st Source by 5.4% during the first quarter. Bank of America Corp DE now owns 58,669 shares of the financial services provider’s stock valued at $4,060,000 after buying an additional 2,986 shares during the last quarter. Edgestream Partners L.P. raised its position in shares of 1st Source by 226.9% during the first quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider’s stock valued at $2,964,000 after buying an additional 29,732 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock worth $31,889,000 after buying an additional 125,248 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of 1st Source by 14.2% in the first quarter. Quantinno Capital Management LP now owns 7,497 shares of the financial services provider’s stock worth $519,000 after buying an additional 932 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Trading Up 2.4%

The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s 50-day moving average is $78.27 and its two-hundred day moving average is $72.46. The stock has a market cap of $2.05 billion, a P/E ratio of 13.14 and a beta of 0.58.

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.