1st Source (NASDAQ:SRCE) Shares Cross Above 200-Day Moving Average – Time to Sell?

1st Source Corporation (NASDAQ:SRCE) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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

SRCE has been the topic of several research reports. Weiss Ratings raised shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, April 6th. Piper Sandler increased their target price on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, DA Davidson restated a “neutral” rating and set a $74.00 price target on shares of 1st Source in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.00.

1st Source Trading Down 1.5%

The firm’s 50-day moving average price is $75.32 and its 200-day moving average price is $70.45. The company has a market cap of $1.98 billion, a P/E ratio of 12.59 and a beta of 0.59. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The business had revenue of $112.25 million during the quarter, compared to analysts’ expectations of $111.88 million. As a group, equities research analysts expect that 1st Source Corporation will post 6.81 earnings per share for the current fiscal year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.1%. This is a boost from 1st Source’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, May 5th. 1st Source’s dividend payout ratio (DPR) is presently 26.38%.

Institutional Trading of 1st Source

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC boosted its stake in 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 during the period. Bank of America Corp DE grew its holdings 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 shares of 1st Source by 226.9% during the first 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 during the period. Janus Henderson Group PLC increased its position in shares of 1st Source by 37.4% during 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 period. Finally, Quantinno Capital Management LP lifted its holdings in shares of 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 worth $519,000 after buying an additional 932 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors.

1st Source Company Profile

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.