1st Source (NASDAQ:SRCE) Shares Up 7.5% Following Dividend Announcement

Shares of 1st Source Co. (NASDAQ:SRCE) rose 7.5% on Monday after the company announced a dividend. The stock traded as high as $62.01 and last traded at $61.83. Approximately 38,739 shares were traded 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 given a $0.36 dividend. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.32%. 1st Source’s dividend payout ratio is 27.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SRCE shares. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th. Keefe, Bruyette & Woods upped their price objective on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday. Finally, Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $72.50 in a research note on Monday.

1st Source Trading Up 7.8 %

The stock has a fifty day moving average of $60.81 and a 200 day moving average of $60.40. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $1.52 billion, a P/E ratio of 11.81 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. As a group, equities research analysts anticipate that 1st Source Co. will post 5.46 EPS for the current fiscal year.

Institutional Trading of 1st Source

Several institutional investors and hedge funds have recently modified their holdings of SRCE. Financial Life Planners bought a new position in 1st Source in the 4th quarter worth $48,000. R Squared Ltd purchased a new position in shares of 1st Source in the fourth quarter valued at about $40,000. SG Americas Securities LLC boosted its stake in shares of 1st Source by 38.3% in the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after acquiring an additional 2,411 shares during the period. JPMorgan Chase & Co. grew its position in shares of 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 in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in 1st Source during the 3rd quarter valued at approximately $664,000. 74.45% of the stock is currently owned by institutional investors.

About 1st Source

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.