1st Source (NASDAQ:SRCE) Sees Unusually-High Trading Volume - Should You Buy?

1st Source Co. (NASDAQ:SRCE - Get Free Report) saw strong trading volume on Friday . 26,835 shares were traded during mid-day trading, a decline of 62% from the previous session's volume of 70,836 shares.The stock last traded at $60.15 and had previously closed at $58.98.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $62.00 price target (up from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler downgraded shares of 1st Source from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Stock Performance

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09. The company's 50-day moving average is $58.91 and its two-hundred day moving average is $54.86. The company has a market capitalization of $1.47 billion, a P/E ratio of 11.63 and a beta of 0.78.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24. The company had revenue of $144.39 million for the quarter, compared to analysts' expectations of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same period in the prior year, the business earned $1.30 earnings per share. Equities analysts anticipate that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a dividend of $0.36 per share. This is a boost from 1st Source's previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Monday, August 5th. 1st Source's dividend payout ratio (DPR) is presently 27.91%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SRCE. Wellington Management Group LLP grew its position in 1st Source by 4.4% during the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider's stock valued at $51,960,000 after acquiring an additional 39,514 shares during the last quarter. PNC Financial Services Group Inc. grew its position in 1st Source by 10.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider's stock valued at $129,000 after acquiring an additional 218 shares during the last quarter. Indiana Trust & Investment Management CO grew its position in 1st Source by 12.2% during the first quarter. Indiana Trust & Investment Management CO now owns 50,032 shares of the financial services provider's stock valued at $2,623,000 after acquiring an additional 5,444 shares during the last quarter. Denali Advisors LLC grew its position in 1st Source by 31.0% during the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider's stock valued at $3,748,000 after acquiring an additional 16,900 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of 1st Source in the first quarter worth approximately $628,000. 74.45% of the stock is currently owned by institutional investors.

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.