1st Source (NASDAQ:SRCE) Hits New 1-Year High – Here’s Why

1st Source Co. (NASDAQ:SRCE)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $68.10 and last traded at $68.04, with a volume of 24763 shares trading hands. The stock had previously closed at $66.29.

1st Source Trading Down 1.5 %

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.60 billion, a P/E ratio of 12.42 and a beta of 0.78. The firm’s fifty day moving average is $61.24 and its two-hundred day moving average is $57.66.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, topping the consensus estimate of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. The business had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same period last year, the business posted $1.32 earnings per share. Analysts predict that 1st Source Co. will post 5.36 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a $0.36 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.21%. 1st Source’s dividend payout ratio (DPR) is 27.43%.

Institutional Trading of 1st Source

Hedge funds and other institutional investors have recently modified their holdings of the business. Isthmus Partners LLC grew its holdings in 1st Source by 3.0% in the second quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 1,943 shares during the period. LRI Investments LLC purchased a new stake in shares of 1st Source in the 1st quarter worth approximately $48,000. nVerses Capital LLC raised its stake in 1st Source by 150.0% during the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after buying an additional 600 shares during the last quarter. CWM LLC boosted its holdings in 1st Source by 726.1% in the second quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 182 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other 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.