1st Source (NASDAQ:SRCE) Announces Quarterly Earnings Results

1st Source (NASDAQ:SRCE) released its quarterly earnings data on Thursday. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.24, Zacks reports. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. The firm had revenue of $144.39 million during the quarter, compared to analyst estimates of $95.80 million. During the same period in the prior year, the company posted $1.30 earnings per share.

1st Source Price Performance

Shares of SRCE stock traded up $3.08 during trading hours on Friday, hitting $65.47. 195,934 shares of the company’s stock were exchanged, compared to its average volume of 69,570. The stock’s 50-day moving average is $53.49 and its 200-day moving average is $51.80. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 13.17 and a beta of 0.80. 1st Source has a 52 week low of $40.96 and a 52 week high of $65.63.

1st Source Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a dividend of $0.36 per share. The ex-dividend date is Monday, August 5th. 1st Source’s payout ratio is presently 27.36%.

Insider Activity at 1st Source

In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total value of $97,867.00. Following the transaction, the executive vice president now owns 68,327 shares in the company, valued at $3,473,744.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $50.84, for a total value of $97,867.00. Following the transaction, the executive vice president now owns 68,327 shares in the company, valued at $3,473,744.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel B. Fitzpatrick bought 1,000 shares of 1st Source stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the acquisition, the director now owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The disclosure for this purchase can be found here. 19.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their price objective on 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th.

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.