1st Source (NASDAQ:SRCE) Reaches New 1-Year High Following Dividend Announcement

1st Source Corporation (NASDAQ:SRCE)’s stock price reached a new 52-week high during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $76.44 and last traded at $73.6950, with a volume of 70408 shares trading hands. The stock had previously closed at $73.90.

The newly announced dividend which will be paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, May 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s dividend payout ratio is currently 24.96%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SRCE. DA Davidson upped their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Piper Sandler upped their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Finally, Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, 1st Source presently has an average rating of “Moderate Buy” and a consensus target price of $75.33.

1st Source Trading Down 0.4%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 11.49 and a beta of 0.58. The business’s 50-day simple moving average is $69.93 and its 200-day simple moving average is $65.65.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). The business had revenue of $113.14 million for the quarter, compared to analyst estimates of $111.88 million. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. On average, research analysts expect that 1st Source Corporation will post 6.7 earnings per share for the current fiscal year.

Institutional Trading of 1st Source

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of 1st Source by 40.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after acquiring an additional 22,525 shares during the last quarter. Kelman Lazarov Inc. bought a new stake in shares of 1st Source in the 3rd quarter valued at about $1,442,000. American Century Companies Inc. increased its stake in shares of 1st Source by 30.7% in the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after acquiring an additional 79,614 shares during the last quarter. Semanteon Capital Management LP bought a new stake in shares of 1st Source in the 3rd quarter valued at about $570,000. Finally, AlphaQuest LLC increased its stake in shares of 1st Source by 507.5% in the 3rd quarter. AlphaQuest LLC now owns 8,985 shares of the financial services provider’s stock valued at $553,000 after acquiring an additional 7,506 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

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.