1st Source Corporation (NASDAQ:SRCE – Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $78.80 and last traded at $78.5690, with a volume of 119343 shares. The stock had previously closed at $78.52.
Wall Street Analyst Weigh In
SRCE has been the topic of several recent analyst reports. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, April 6th. Piper Sandler upped their target price on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, DA Davidson reiterated a “neutral” rating and issued a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.00.
Get Our Latest Stock Analysis on 1st Source
1st Source Stock Down 0.6%
1st Source (NASDAQ:SRCE – Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.01). The business had revenue of $112.25 million for the quarter, compared to analyst estimates of $111.88 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. 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 business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.2%. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, May 5th. 1st Source’s dividend payout ratio is 26.38%.
Hedge Funds Weigh In On 1st Source
A number of large investors have recently bought and sold shares of SRCE. Janus Henderson Group PLC lifted its position in shares of 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after acquiring an additional 125,248 shares in the last quarter. Vanguard Group Inc. increased its stake in 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares during the last quarter. UBS Group AG increased its stake in 1st Source by 54.9% during the third quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock worth $14,998,000 after acquiring an additional 86,322 shares during the last quarter. American Century Companies Inc. boosted its position in shares of 1st Source by 30.7% during the third quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock worth $20,890,000 after buying an additional 79,614 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in shares of 1st Source by 95.6% during the second quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider’s stock worth $10,031,000 after buying an additional 78,994 shares during the period. 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.
Featured Articles
- Five stocks we like better than 1st Source
- Oil Could Dip, But These 3 Energy Stocks Still Look Built to Win
- What’s Behind the Social Media Controversy Surrounding IonQ?
- 3 Long-Duration Treasury ETFs to Watch if Rates Fall
- 3 Dividend Increases Investors Can Actually Trust
Receive News & Ratings for 1st Source Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 1st Source and related companies with MarketBeat.com's FREE daily email newsletter.
