Key Points
- CFO Brett Bauer sold 500 shares of 1st Source at an average price of $87.89, totaling $43,945; he continues to own 30,706 shares directly.
- 1st Source reported quarterly earnings of $1.95 per share, surpassing estimates of $1.71, while revenue of $118.16 million also exceeded expectations.
- The company raised its quarterly dividend to $0.45 per share, equivalent to a $1.80 annual payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.67.
1st Source Corporation (NASDAQ:SRCE - Get Free Report) CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
1st Source Trading Down 0.8%
1st Source stock opened at $87.33 on Tuesday. The firm has a 50 day moving average of $82.06 and a 200 day moving average of $74.56. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 13.39 and a beta of 0.57. 1st Source Corporation has a 12-month low of $56.89 and a 12-month high of $91.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07.
1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. The business had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. As a group, research analysts predict that 1st Source Corporation will post 7.26 earnings per share for the current year.
1st Source Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 4th. This is a positive change from 1st Source's previous quarterly dividend of $0.43. 1st Source's payout ratio is 27.61%.
Wall Street Analyst Weigh In
SRCE has been the subject of several recent analyst reports. Piper Sandler upped their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. Zacks Research upgraded 1st Source from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. DA Davidson increased their target price on 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Finally, Weiss Ratings downgraded 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $89.67.
Get Our Latest Report on 1st Source
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock worth $27,000 after acquiring an additional 371 shares during the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of 1st Source in the 2nd quarter valued at approximately $40,000. Quarry LP boosted its holdings in shares of 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider's stock worth $40,000 after purchasing an additional 610 shares during the period. Rossby Financial LCC purchased a new position in shares of 1st Source in the 4th quarter worth approximately $50,000. Finally, Tower Research Capital LLC TRC increased its position in shares of 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 1,368 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.
About 1st Source
(
Get Free Report)
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.
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