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

1st Source Corporation (NASDAQ:SRCE)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $78.37 and traded as high as $86.49. 1st Source shares last traded at $85.81, with a volume of 89,456 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SRCE shares. DA Davidson increased their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Piper Sandler increased their target price on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings downgraded 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, 1st Source currently has a consensus rating of “Moderate Buy” and an average price target of $89.67.

1st Source Stock Down 1.1%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.03 billion, a PE ratio of 12.94 and a beta of 0.56. The business has a 50 day moving average of $86.76 and a two-hundred day moving average of $78.49.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The business had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. Analysts predict that 1st Source Corporation will post 7.26 EPS for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a $0.45 dividend. The ex-dividend date was Tuesday, August 4th. This is an increase from 1st Source’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. 1st Source’s dividend payout ratio (DPR) is currently 27.61%.

Insider Buying and Selling at 1st Source

In other 1st Source news, CFO Brett Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the transaction, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 20.17% of the company’s stock.

Institutional Investors Weigh In On 1st Source

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. 1ST Source Bank purchased a new position in 1st Source in the 2nd quarter valued at $416,946,000. BlackRock Inc. acquired a new stake in shares of 1st Source in the second quarter valued at about $166,355,000. Jupiter Topco LLC acquired a new stake in shares of 1st Source in the second quarter valued at about $39,286,000. Janus Henderson Group PLC lifted its stake in shares of 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 worth $31,889,000 after buying an additional 125,248 shares in the last quarter. Finally, Kennedy Capital Management LLC boosted its position in 1st Source by 19.8% during the fourth quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock worth $19,918,000 after acquiring an additional 52,787 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions in northern Indiana and southwest Michigan.

The bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management, cash management, and other traditional banking services. It also provides wealth management, trust and investment services, insurance solutions, and specialized financing for industries such as transportation, construction equipment, aircraft, and marine equipment.

Founded in 1863, 1st Source has developed a regional banking network serving communities across its primary market area.