1st Source (NASDAQ:SRCE) Trading 7.5% Higher After Dividend Announcement

1st Source Co. (NASDAQ:SRCE - Get Free Report)'s stock price was up 7.5% during trading on Monday after the company announced a dividend. The company traded as high as $62.01 and last traded at $61.83. Approximately 38,739 shares traded hands during trading, a decline of 35% from the average daily volume of 59,806 shares. The stock had previously closed at $57.53.

The newly announced dividend which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.33%. 1st Source's payout ratio is 27.43%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Piper Sandler upgraded 1st Source from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $70.00 to $72.50 in a report on Monday. Keefe, Bruyette & Woods increased their target price on 1st Source from $67.00 to $69.00 and gave the company a "market perform" rating in a research note on Monday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Saturday, January 18th.

1st Source Stock Performance

The firm has a market capitalization of $1.52 billion, a PE ratio of 11.79 and a beta of 0.82. 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 stock has a 50-day moving average price of $60.81 and a 200-day moving average price of $60.40.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. On average, research analysts expect that 1st Source Co. will post 5.46 EPS for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently modified their holdings of SRCE. Charles Schwab Investment Management Inc. grew its stake in 1st Source by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider's stock worth $35,112,000 after purchasing an additional 1,872 shares in the last quarter. State Street Corp grew its position in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider's stock worth $33,964,000 after acquiring an additional 9,235 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider's stock valued at $25,959,000 after acquiring an additional 3,780 shares during the last quarter. FMR LLC raised its position in shares of 1st Source by 6.1% during the 3rd quarter. FMR LLC now owns 120,617 shares of the financial services provider's stock valued at $7,223,000 after acquiring an additional 6,981 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock worth $5,450,000 after purchasing an additional 24,470 shares during the last quarter. 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.