1st Source Corporation (NASDAQ:SRCE) has reported a recent transaction involving Executive Vice President Jeffrey L. Buhr, who sold a total of 1,925 shares of company stock. The transaction, dated June 6, 2024, was executed at a price of $50.84 per share, resulting in a total sale value of $97,867.
The sale was disclosed in a regulatory filing with the Securities and Exchange Commission, which detailed the stock movements of company insiders. Following the sale, Buhr's direct holdings in 1st Source Corporation common stock amounted to 68,327 shares. Additionally, it was noted that Buhr has an indirect ownership of 5,493 shares through a 401(k) plan.
According to the provided footnotes in the filing, between January 1, 2023, and December 31, 2023, Buhr acquired 301 shares of 1st Source Corporation common stock under the 401(k) plan, based on the plan statement dated December 31, 2023.
1st Source Corporation, headquartered in South Bend, Indiana, operates as a state commercial bank. The company's stock is traded on the NASDAQ under the ticker symbol SRCE. This transaction comes as part of the regular disclosure of stock trades made by the company's executives and directors.
Investors often monitor such insider transactions as part of their due diligence and investment decision-making process. The sale by Buhr provides current and potential shareholders with insight into the actions of 1st Source Corporation's executive team.
In other recent news, 1st Source Corporation reported mixed first-quarter results, with a net income of $29.46 million, demonstrating a minor increase from the previous quarter but a slight decrease from the same period last year. The company's diluted net income per common share rose to $1.19, and the Board of Directors approved a cash dividend of $0.34 per common share, marking a 6.25% increase from the previous year. In the meantime, Piper Sandler upgraded 1st Source's stock price target to $60, maintaining an Overweight rating, reflecting the company's robust first-quarter performance.
The financial services company exhibited a 12% increase in pre-provision net revenue, driven by net interest margin expansion and cost control measures. Analysts at Piper Sandler highlighted the company's ability to grow net interest income, expecting it to surpass most peers. The firm's revised earnings per share estimates for 1st Source for 2024 and 2025 stand at $4.80 and $4.65, respectively.
1st Source's average loans and leases grew by $116.21 million or 1.82% from the previous quarter, while average deposits saw a slight decline. The company's tax-equivalent net interest income for the first quarter was $72.06 million, a marginal increase from the previous quarter. These are the recent developments in the company's financial performance.
InvestingPro Insights
As investors digest the recent insider sale by Executive Vice President Jeffrey L. Buhr, it's crucial to consider the broader financial health and market performance of 1st Source Corporation (NASDAQ:SRCE). The company currently boasts a market capitalization of approximately $1.25 billion, with a price-to-earnings (P/E) ratio of 10.27, reflecting its current share price relative to its earnings per share. This is slightly below the adjusted P/E ratio for the last twelve months as of Q1 2024, which stands at 10.24.
On the dividend front, 1st Source Corporation has demonstrated a strong commitment to returning value to shareholders, having raised its dividend for an impressive 31 consecutive years. This is noteworthy for investors seeking stable income streams, as the company's dividend yield as of the latest data stands at 2.66%. Moreover, the company has maintained dividend payments for a remarkable 50 consecutive years, underscoring its financial resilience and consistent performance.
While the company's revenue growth over the last twelve months as of Q1 2024 was modest at 2.92%, it's important to note that analysts are optimistic about the company's prospects. Three analysts have revised their earnings estimates upwards for the upcoming period, indicating a potential positive trajectory for the company's financials. Additionally, analysts predict the company will be profitable this year, a sentiment supported by the fact that 1st Source Corporation has been profitable over the last twelve months.
For those interested in further insights and analysis, there are additional InvestingPro Tips available on the platform. These tips delve deeper into the company's financial metrics, providing a more comprehensive view of its performance and outlook. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of valuable investment information.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.