1st Source (NASDAQ:SRCE) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

1st Source Corporation (NASDAQ:SRCE)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $67.73 and traded as high as $74.95. 1st Source shares last traded at $74.42, with a volume of 123,915 shares.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SRCE. Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. DA Davidson reiterated a “neutral” rating and issued a $74.00 price objective on shares of 1st Source in a research note on Monday, April 27th. Finally, Piper Sandler lifted their price objective on shares of 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.00.

1st Source Trading Up 0.6%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.79 billion, a P/E ratio of 11.41 and a beta of 0.59. The firm’s fifty day simple moving average is $71.80 and its 200 day simple moving average is $67.73.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The firm had revenue of $112.25 million during the quarter, compared to the consensus estimate of $111.88 million. As a group, equities research analysts forecast that 1st Source Corporation will post 6.78 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a $0.43 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $1.72 annualized dividend and a yield of 2.3%. This is an increase from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is 26.38%.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in 1st Source by 40.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after buying an additional 22,525 shares during the period. Kelman Lazarov Inc. bought a new stake in shares of 1st Source during the 3rd quarter valued at approximately $1,442,000. American Century Companies Inc. grew its holdings in shares of 1st Source by 30.7% during the 3rd quarter. American Century Companies Inc. now owns 339,338 shares of the financial services provider’s stock valued at $20,890,000 after purchasing an additional 79,614 shares during the last quarter. CM Management LLC bought a new stake in shares of 1st Source during the 4th quarter valued at approximately $1,094,000. Finally, Denali Advisors LLC grew its holdings in shares of 1st Source by 10.2% during the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock valued at $7,536,000 after purchasing an additional 11,200 shares during the last quarter. 74.45% of the stock is 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.