1st Source (NASDAQ:SRCE) Share Price Passes Above Two Hundred Day Moving Average – What’s Next?
by Kim Johansen · The Markets DailyShares of 1st Source Corporation (NASDAQ:SRCE – Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $64.25 and traded as high as $69.12. 1st Source shares last traded at $68.10, with a volume of 234,584 shares changing hands.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. Piper Sandler boosted their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, DA Davidson increased their price target on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, January 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, 1st Source has an average rating of “Hold” and an average target price of $75.33.
Check Out Our Latest Stock Analysis on SRCE
1st Source Trading Down 0.5%
The business has a fifty day moving average price of $68.00 and a two-hundred day moving average price of $64.31. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.66 billion, a PE ratio of 10.62 and a beta of 0.63.
1st Source (NASDAQ:SRCE – Get Free Report) last issued its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter. The firm had revenue of $115.39 million for the quarter. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. Analysts expect that 1st Source Corporation will post 5.82 EPS for the current fiscal year.
1st Source Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Tuesday, February 3rd. 1st Source’s dividend payout ratio is currently 24.96%.
Institutional Trading of 1st Source
Several institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC increased its holdings in 1st Source by 19.2% in the 4th quarter. Hsbc Holdings PLC now owns 32,114 shares of the financial services provider’s stock valued at $2,011,000 after purchasing an additional 5,165 shares during the last quarter. Empowered Funds LLC lifted its stake in 1st Source by 15.5% during the fourth quarter. Empowered Funds LLC now owns 104,221 shares of the financial services provider’s stock worth $6,513,000 after purchasing an additional 13,992 shares in the last quarter. Man Group plc boosted its position in shares of 1st Source by 3.6% during the fourth quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after buying an additional 413 shares during the period. Janus Henderson Group PLC grew its stake in shares of 1st Source by 49.3% in the fourth quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock valued at $20,965,000 after buying an additional 110,711 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of 1st Source by 2.2% in the fourth quarter. Bridgeway Capital Management LLC now owns 221,321 shares of the financial services provider’s stock valued at $13,830,000 after buying an additional 4,692 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.
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.