1st Source (NASDAQ:SRCE) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Shares of 1st Source Corporation (NASDAQ:SRCE) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $68.25 and traded as high as $74.16. 1st Source shares last traded at $72.74, with a volume of 156,663 shares.

Wall Street Analysts Forecast Growth

A number of 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 report on Monday, April 6th. Piper Sandler upped their price objective on shares of 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, DA Davidson restated a “neutral” rating and issued a $74.00 price objective on shares of 1st Source in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.00.

1st Source Trading Down 2.0%

The firm’s 50 day moving average price is $72.57 and its 200-day moving average price is $68.25. The stock has a market cap of $1.75 billion, a P/E ratio of 11.16 and a beta of 0.59. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96.

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

1st Source Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.43 dividend. This is a boost from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Tuesday, May 5th. 1st Source’s payout ratio is currently 26.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in 1st Source by 5.4% during the first quarter. Bank of America Corp DE now owns 58,669 shares of the financial services provider’s stock valued at $4,060,000 after purchasing an additional 2,986 shares during the period. Edgestream Partners L.P. lifted its position in 1st Source by 226.9% during the first quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider’s stock valued at $2,964,000 after purchasing an additional 29,732 shares during the period. Janus Henderson Group PLC lifted its position in 1st Source by 37.4% during the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after purchasing an additional 125,248 shares during the period. Empowered Funds LLC lifted its position in 1st Source by 4.6% during the first quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider’s stock valued at $7,544,000 after purchasing an additional 4,776 shares during the period. Finally, Quantinno Capital Management LP lifted its position in 1st Source by 14.2% during the first quarter. Quantinno Capital Management LP now owns 7,497 shares of the financial services provider’s stock valued at $519,000 after purchasing an additional 932 shares during the period. Institutional investors own 74.45% of the company’s stock.

About 1st Source

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.