1st Source (NASDAQ:SRCE) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?
by Amy Steele · The Cerbat Gem1st Source Corporation (NASDAQ:SRCE – Get Free Report)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $67.73 and traded as high as $74.95. 1st Source shares last traded at $74.42, with a volume of 123,915 shares changing hands.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. DA Davidson reaffirmed a “neutral” rating and set a $74.00 price target on shares of 1st Source in a report on Monday, April 27th. Weiss Ratings raised shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Finally, Piper Sandler lifted their price target on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, 1st Source has an average rating of “Moderate Buy” and a consensus price target of $77.00.
View Our Latest Stock Analysis on 1st Source
1st Source Trading Up 0.6%
The firm’s 50-day moving average is $71.80 and its 200 day moving average is $67.73. 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 firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 11.41 and a beta of 0.59.
1st Source (NASDAQ:SRCE – Get Free Report) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The business had revenue of $112.25 million for the quarter, compared to analyst estimates of $111.88 million. On average, equities analysts predict that 1st Source Corporation will post 6.78 earnings per share for the current fiscal year.
1st Source Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.43 per share. The ex-dividend date was Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.3%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s dividend payout ratio is 26.38%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in shares of 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares during the period. Quarry LP lifted its position in shares of 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 610 shares during the period. Rossby Financial LCC acquired a new position in shares of 1st Source in the 4th quarter worth approximately $50,000. Tower Research Capital LLC TRC lifted its position in shares of 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,368 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of 1st Source in the 4th quarter worth approximately $128,000. 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.