1st Source (NASDAQ:SRCE) Hits New 12-Month High - Here's Why

1st Source Co. (NASDAQ:SRCE - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $67.70 and last traded at $67.12, with a volume of 1901 shares. The stock had previously closed at $67.01.

Analyst Ratings Changes

Several brokerages have recently commented on SRCE. Piper Sandler downgraded 1st Source from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $62.00 price objective (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

1st Source Trading Down 1.5 %

The company has a market capitalization of $1.62 billion, a P/E ratio of 12.57 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a fifty day moving average price of $60.07 and a 200-day moving average price of $56.77.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.05. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. The business had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same period in the prior year, the company earned $1.32 earnings per share. On average, equities research analysts anticipate that 1st Source Co. will post 5.36 earnings per share for the current year.

1st Source Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.18%. 1st Source's dividend payout ratio is currently 27.43%.

Institutional Investors Weigh In On 1st Source

Several institutional investors have recently made changes to their positions in SRCE. Isthmus Partners LLC raised its position in shares of 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider's stock valued at $36,000 after buying an additional 1,943 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of 1st Source during the 1st quarter valued at $48,000. nVerses Capital LLC raised its position in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider's stock valued at $60,000 after buying an additional 600 shares in the last quarter. CWM LLC raised its position in shares of 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider's stock valued at $73,000 after buying an additional 1,198 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider's stock valued at $100,000 after buying an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.

1st Source Company Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.