1st Source (NASDAQ:SRCE) Hits New 12-Month High Following Better-Than-Expected Earnings

1st Source Co. (NASDAQ:SRCE) shares hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $63.43 and last traded at $63.06, with a volume of 24242 shares changing hands. The stock had previously closed at $61.00.

The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.22%. The company had revenue of $144.39 million during the quarter, compared to analyst estimates of $95.80 million. During the same quarter in the previous year, the business earned $1.30 EPS.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Monday, August 5th. 1st Source’s dividend payout ratio (DPR) is 27.36%.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their price target on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, April 29th.

Insider Buying and Selling

In related news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $49.65 per share, with a total value of $49,650.00. Following the acquisition, the director now directly owns 48,542 shares in the company, valued at $2,410,110.30. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $49.65 per share, with a total value of $49,650.00. Following the acquisition, the director now directly owns 48,542 shares in the company, valued at $2,410,110.30. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $50.84, for a total transaction of $97,867.00. Following the transaction, the executive vice president now owns 68,327 shares in the company, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. Company insiders own 19.30% of the company’s stock.

Institutional Trading of 1st Source

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after acquiring an additional 39,514 shares during the last quarter. Vanguard Group Inc. increased its stake in 1st Source by 1.4% in the third quarter. Vanguard Group Inc. now owns 842,338 shares of the financial services provider’s stock valued at $35,454,000 after acquiring an additional 12,005 shares during the last quarter. Boston Trust Walden Corp increased its stake in 1st Source by 5.3% in the fourth quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock valued at $24,138,000 after acquiring an additional 22,176 shares during the last quarter. Reinhart Partners LLC. increased its stake in 1st Source by 0.3% in the second quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider’s stock valued at $12,775,000 after acquiring an additional 818 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in 1st Source by 8.1% in the first quarter. Empowered Funds LLC now owns 74,544 shares of the financial services provider’s stock valued at $3,908,000 after acquiring an additional 5,600 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

1st Source Price Performance

The business’s 50 day moving average is $53.49 and its 200-day moving average is $51.80. The firm has a market capitalization of $1.60 billion, a P/E ratio of 13.17 and a beta of 0.80. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.