1st Source (NASDAQ:SRCE) Share Price Passes Above 200 Day Moving Average – Time to Sell?

1st Source Corporation (NASDAQ:SRCE) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $70.32 and traded as high as $82.10. 1st Source shares last traded at $81.58, with a volume of 127,445 shares changing hands.

Analysts Set New Price Targets

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

1st Source Stock Down 0.5%

The firm has a market capitalization of $1.96 billion, a P/E ratio of 12.51 and a beta of 0.59. 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 business’s fifty day moving average price is $75.15 and its two-hundred day moving average price is $70.32.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data 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 return on equity of 12.39% and a net margin of 26.66%.The firm had revenue of $112.25 million for the quarter, compared to the consensus estimate of $111.88 million. Equities analysts expect that 1st Source Corporation will post 6.81 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a $0.43 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.40. This represents a $1.72 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 5th. 1st Source’s dividend payout ratio is presently 26.38%.

Institutional Trading of 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in SRCE. Empowered Funds LLC boosted its position in shares of 1st Source by 4.6% in the 1st quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider’s stock worth $7,544,000 after purchasing an additional 4,776 shares in the last quarter. Bank of America Corp DE increased its position in 1st Source by 5.4% during the 1st quarter. Bank of America Corp DE now owns 58,669 shares of the financial services provider’s stock valued at $4,060,000 after buying an additional 2,986 shares in the last quarter. Edgestream Partners L.P. increased its position in 1st Source by 226.9% during the 1st quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider’s stock valued at $2,964,000 after buying an additional 29,732 shares in the last quarter. Janus Henderson Group PLC raised its stake in 1st Source by 37.4% in 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 buying an additional 125,248 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in 1st Source by 14.2% in the first quarter. Quantinno Capital Management LP now owns 7,497 shares of the financial services provider’s stock valued at $519,000 after buying an additional 932 shares during the last quarter. Hedge funds and other 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.