1st Source (NASDAQ:SRCE) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS

1st Source (NASDAQ:SRCE) announced its quarterly earnings results on Thursday. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.24, Zacks reports. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. The firm had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same quarter in the prior year, the company earned $1.30 EPS.

1st Source Stock Up 4.9 %

NASDAQ:SRCE traded up $3.08 during midday trading on Friday, reaching $65.47. 195,934 shares of the stock traded hands, compared to its average volume of 69,570. 1st Source has a 12-month low of $40.96 and a 12-month high of $65.63. The business has a 50-day moving average of $53.49 and a two-hundred day moving average of $51.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $1.60 billion, a PE ratio of 13.17 and a beta of 0.80.

1st Source Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be given a dividend of $0.36 per share. The ex-dividend date is Monday, August 5th. 1st Source’s payout ratio is 27.36%.

Insider Activity at 1st Source

In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the completion of the sale, the executive vice president now owns 68,327 shares of the company’s stock, valued at $3,473,744.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were acquired at an average price of $49.65 per share, for a total transaction of $49,650.00. Following the purchase, the director now owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the transaction, the executive vice president now owns 68,327 shares in the company, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. 19.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Piper Sandler upped their price target on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th.

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.