1st Source (NASDAQ:SRCE) Trading 7.5% Higher Following Dividend Announcement

1st Source Co. (NASDAQ:SRCE) rose 7.5% on Monday after the company announced a dividend. The company 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. Investors of record on Tuesday, February 4th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is currently 27.43%.

Wall Street Analysts Forecast Growth

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

1st Source Trading Up 7.8 %

The stock’s 50 day simple moving average is $60.81 and its 200 day simple moving average is $60.40. The firm has a market cap of $1.52 billion, a PE ratio of 11.81 and a beta of 0.82. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Financial Life Planners purchased a new position in shares of 1st Source in the fourth quarter worth $48,000. R Squared Ltd bought a new stake in 1st Source in the 4th quarter worth $40,000. SG Americas Securities LLC increased its position 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 valued at $508,000 after acquiring an additional 2,411 shares during the period. JPMorgan Chase & Co. raised its stake 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 valued at $5,450,000 after acquiring an additional 24,470 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of 1st Source during the third quarter worth about $664,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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.