1st Source (NASDAQ:SRCE) Share Price Passes Above 200 Day Moving Average – Should You Sell?
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 Thursday . The stock has a 200-day moving average of $62.97 and traded as high as $70.01. 1st Source shares last traded at $69.95, with a volume of 119,861 shares changing hands.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on SRCE shares. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Monday, December 29th. Piper Sandler raised their target price on shares of 1st Source from $80.00 to $83.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, DA Davidson lifted their target price on shares of 1st Source from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $75.33.
Get Our Latest Analysis on 1st Source
1st Source Price Performance
The firm’s fifty day simple moving average is $65.69 and its 200-day simple moving average is $62.97. The firm has a market capitalization of $1.71 billion, a PE ratio of 10.91 and a beta of 0.64. 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 (NASDAQ:SRCE – Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The financial services provider reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.07. 1st Source had a net margin of 26.38% and a return on equity of 12.60%. The firm had revenue of $115.39 million for the quarter, compared to analysts’ expectations of $110.92 million. On average, research analysts forecast that 1st Source Corporation will post 5.82 earnings per share for the current fiscal year.
1st Source Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Tuesday, February 3rd will be paid a $0.40 dividend. The ex-dividend date is Tuesday, February 3rd. This represents a $1.60 annualized dividend and a dividend yield of 2.3%. 1st Source’s payout ratio is currently 24.96%.
Insider Activity
In related news, VP John B. Griffith sold 1,900 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $66.01, for a total transaction of $125,419.00. Following the sale, the vice president directly owned 65,976 shares of the company’s stock, valued at $4,355,075.76. This trade represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.55% of the stock is currently owned by insiders.
Institutional Trading of 1st Source
Large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP boosted its holdings in 1st Source by 8.9% in the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 304 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of 1st Source by 3.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider’s stock valued at $531,000 after buying an additional 317 shares during the period. EverSource Wealth Advisors LLC boosted its stake 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 buying an additional 371 shares during the last quarter. Zacks Investment Management grew its holdings in shares of 1st Source by 4.2% in the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 388 shares during the period. Finally, Isthmus Partners LLC increased its position in 1st Source by 0.8% during the second quarter. Isthmus Partners LLC now owns 55,541 shares of the financial services provider’s stock valued at $3,447,000 after acquiring an additional 459 shares during the last quarter. 74.45% of the stock is currently 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.