Key Points
- VP John Griffith sold 1,900 shares on December 10 at an average price of $66.01, generating about $125,419 and reducing his stake by 2.8% to 65,976 shares (≈$4.36M), as disclosed in an SEC filing.
- 1st Source recently beat quarterly estimates with $1.71 EPS, raised its quarterly dividend to $0.40 (annualized $1.60, yield 2.4%), and trades at a PE of 10.91 with a consensus analyst rating of "Hold" and $72.67 price target.
1st Source Corporation (NASDAQ:SRCE - Get Free Report) VP John Griffith sold 1,900 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $66.01, for a total value of $125,419.00. Following the transaction, the vice president directly owned 65,976 shares of the company's stock, valued at approximately $4,355,075.76. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
1st Source Stock Performance
Shares of SRCE opened at $65.76 on Friday. 1st Source Corporation has a 1 year low of $52.14 and a 1 year high of $67.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.96 and a quick ratio of 0.96. The stock's fifty day moving average price is $61.15 and its two-hundred day moving average price is $61.81. The firm has a market cap of $1.61 billion, a PE ratio of 10.91 and a beta of 0.66.
1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.12. 1st Source had a return on equity of 12.25% and a net margin of 24.97%.The company had revenue of $110.26 million during the quarter, compared to analyst estimates of $109.46 million. On average, equities research analysts forecast that 1st Source Corporation will post 5.82 EPS for the current year.
1st Source Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.4%. This is an increase from 1st Source's previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Tuesday, November 4th. 1st Source's payout ratio is presently 26.62%.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the stock. DA Davidson upped their price target on shares of 1st Source from $67.00 to $69.00 and gave the company a "neutral" rating in a research note on Tuesday, October 28th. Zacks Research downgraded 1st Source from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research report on Monday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $72.67.
Get Our Latest Stock Analysis on SRCE
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in SRCE. PharVision Advisers LLC bought a new stake in 1st Source during the third quarter valued at $226,000. Voleon Capital Management LP purchased a new stake in shares of 1st Source in the 3rd quarter valued at about $404,000. Quarry LP boosted its position in shares of 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 610 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of 1st Source by 3.5% during the third quarter. Qube Research & Technologies Ltd now owns 167,192 shares of the financial services provider's stock worth $10,292,000 after purchasing an additional 5,590 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of 1st Source during the third quarter worth about $376,000. Institutional investors own 74.45% of the company's stock.
About 1st Source
(
Get Free Report)
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.
Further Reading
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