1st Source (NASDAQ:SRCE) Hits New 1-Year High – Should You Buy?

Shares of 1st Source Co. (NASDAQ:SRCE) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $68.10 and last traded at $68.04, with a volume of 24763 shares changing hands. The stock had previously closed at $66.29.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SRCE shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up from $54.00) on shares of 1st Source in a research report on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and upped their price target for the company from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Stock Up 1.4 %

The company has a market cap of $1.65 billion, a PE ratio of 12.63 and a beta of 0.78. The stock has a 50-day moving average of $61.11 and a 200-day moving average of $57.57. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. The firm had revenue of $97.93 million during the quarter, compared to the consensus estimate of $97.30 million. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. During the same quarter last year, the company posted $1.32 EPS. Sell-side analysts predict that 1st Source Co. will post 5.36 earnings per share for the current fiscal year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Tuesday, November 5th. 1st Source’s dividend payout ratio (DPR) is currently 27.43%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SRCE. Russell Investments Group Ltd. lifted its position in 1st Source by 5.9% in the 1st quarter. Russell Investments Group Ltd. now owns 25,828 shares of the financial services provider’s stock worth $1,354,000 after buying an additional 1,445 shares during the last quarter. Acadian Asset Management LLC lifted its stake in 1st Source by 310.5% in the first quarter. Acadian Asset Management LLC now owns 4,142 shares of the financial services provider’s stock worth $216,000 after purchasing an additional 3,133 shares during the last quarter. LRI Investments LLC bought a new position in shares of 1st Source in the first quarter worth approximately $48,000. Price T Rowe Associates Inc. MD boosted its stake in shares of 1st Source by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,172 shares of the financial services provider’s stock valued at $796,000 after purchasing an additional 615 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its holdings in 1st Source by 276.5% in the second quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider’s stock worth $770,000 after purchasing an additional 10,544 shares during the period. Institutional investors own 74.45% of the company’s stock.

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.