1st Source (NASDAQ:SRCE) Posts Earnings Results, Beats Expectations By $0.07 EPS

by · The Markets Daily

1st Source (NASDAQ:SRCE – Get Free Report) posted its quarterly earnings results on Thursday. The financial services provider reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.07, reports. 1st Source had a return on equity of 12.25% and a net margin of 24.97%.The company had revenue of $115.39 million for the quarter, compared to the consensus estimate of $110.92 million.

1st Source Stock Performance

NASDAQ:SRCE traded up $1.42 on Friday, hitting $67.33. The stock had a trading volume of 159,005 shares, compared to its average volume of 112,014. The business’s 50-day simple moving average is $64.46 and its two-hundred day simple moving average is $62.55. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 11.20 and a beta of 0.65. 1st Source has a 52-week low of $52.14 and a 52-week high of $69.29. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Tuesday, February 3rd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, February 3rd. 1st Source’s dividend payout ratio (DPR) is presently 26.62%.

Insider Buying and Selling at 1st Source

In other news, VP John B. Griffith sold 1,900 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total value of $125,419.00. Following the transaction, the vice president owned 65,976 shares in the company, valued at $4,355,075.76. This represents a 2.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 19.55% of the stock is owned by company insiders.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SRCE. BNP Paribas Financial Markets grew its position in shares of 1st Source by 12.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 23,852 shares of the financial services provider’s stock valued at $1,468,000 after acquiring an additional 2,699 shares during the period. Rafferty Asset Management LLC increased its position in 1st Source by 29.1% in the second quarter. Rafferty Asset Management LLC now owns 14,320 shares of the financial services provider’s stock worth $889,000 after buying an additional 3,227 shares in the last quarter. Norges Bank purchased a new position in shares of 1st Source during the 2nd quarter valued at about $855,000. Cerity Partners LLC grew its stake in shares of 1st Source by 31.7% during the 2nd quarter. Cerity Partners LLC now owns 13,434 shares of the financial services provider’s stock valued at $834,000 after acquiring an additional 3,236 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in 1st Source by 18.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 10,091 shares of the financial services provider’s stock worth $621,000 after acquiring an additional 1,540 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. Piper Sandler lifted their target price on shares of 1st Source from $80.00 to $83.00 and gave the stock an “overweight” rating in a report on Monday. Finally, DA Davidson upped their target price on shares of 1st Source from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $75.33.

Read Our Latest Analysis on SRCE

About 1st Source

(Get Free Report)

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.

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