1st Source (NASDAQ:SRCE) Reaches New 52-Week High at $56.81

1st Source Co. (NASDAQ:SRCE)’s share price reached a new 52-week high on Thursday . The company traded as high as $56.81 and last traded at $56.23, with a volume of 51481 shares. The stock had previously closed at $54.16.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler upped their target price on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday, April 29th.

1st Source Trading Up 3.5 %

The company has a 50-day moving average price of $51.43 and a two-hundred day moving average price of $51.26. The stock has a market cap of $1.37 billion, a P/E ratio of 10.90 and a beta of 0.80. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. The business had revenue of $138.62 million for the quarter, compared to analysts’ expectations of $93.30 million. During the same quarter in the previous year, the business posted $1.25 earnings per share. On average, research analysts expect that 1st Source Co. will post 4.84 EPS for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Monday, May 6th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Friday, May 3rd. 1st Source’s dividend payout ratio (DPR) is currently 27.36%.

Insider Buying and Selling at 1st Source

In other 1st Source news, Director Daniel B. Fitzpatrick purchased 1,000 shares of 1st Source stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the acquisition, the director now owns 48,542 shares in the company, valued at approximately $2,410,110.30. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other 1st Source news, EVP Jeffrey L. Buhr sold 1,925 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Daniel B. Fitzpatrick bought 1,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the completion of the purchase, the director now directly owns 48,542 shares in the company, valued at $2,410,110.30. The disclosure for this purchase can be found here. Company insiders own 19.44% of the company’s stock.

Institutional Trading of 1st Source

A number of large investors have recently modified their holdings of SRCE. Campbell & CO Investment Adviser LLC raised its position in 1st Source by 190.2% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 23,607 shares of the financial services provider’s stock valued at $1,297,000 after purchasing an additional 15,473 shares in the last quarter. Wellington Management Group LLP lifted its stake in 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock worth $51,960,000 after acquiring an additional 39,514 shares during the period. Dean Capital Management grew its holdings in 1st Source by 4.6% during the 4th quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock worth $1,418,000 after acquiring an additional 1,126 shares in the last quarter. Denali Advisors LLC grew its holdings in 1st Source by 31.0% during the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after acquiring an additional 16,900 shares in the last quarter. Finally, Harbour Trust & Investment Management Co purchased a new position in 1st Source during the 4th quarter valued at about $218,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.