1st Source (NASDAQ:SRCE) Sees Large Volume Increase – What’s Next?

1st Source Co. (NASDAQ:SRCE) saw strong trading volume on Friday . 26,835 shares were traded during trading, a decline of 62% from the previous session’s volume of 70,836 shares.The stock last traded at $60.15 and had previously closed at $58.98.

Wall Street Analysts Forecast Growth

SRCE has been the topic of several research analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a research report on Monday, July 29th. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Trading Up 1.7 %

The stock’s 50-day moving average price is $58.91 and its 200 day moving average price is $54.86. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $1.47 billion, a PE ratio of 11.43 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.25 by $0.24. The company had revenue of $144.39 million for the quarter, compared to the consensus estimate of $95.80 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same period last year, the business posted $1.30 EPS. On average, sell-side analysts expect that 1st Source Co. will post 5.37 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 5th were issued a $0.36 dividend. This is an increase from 1st Source’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Monday, August 5th. 1st Source’s payout ratio is presently 27.91%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new stake in shares of 1st Source in the 1st quarter worth approximately $48,000. CWM LLC raised its position in shares of 1st Source by 726.1% in the 2nd 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. PNC Financial Services Group Inc. lifted its stake in shares of 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 218 shares during the last quarter. AMI Investment Management Inc. bought a new stake in 1st Source during the third quarter valued at about $206,000. Finally, Acadian Asset Management LLC grew its stake in 1st Source by 310.5% in the first quarter. Acadian Asset Management LLC now owns 4,142 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 3,133 shares during the last quarter. 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.