Piper Sandler Raises 1st Source (NASDAQ:SRCE) Price Target to $44.00

1st Source (NASDAQ:SRCE) had its price target upped by Piper Sandler from $40.00 to $44.00 in a research report report published on Monday, Anlyst Ratings reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock. Piper Sandler also issued estimates for 1st Source’s Q4 2020 earnings at $0.74 EPS, FY2020 earnings at $2.89 EPS, Q1 2021 earnings at $0.76 EPS, Q3 2021 earnings at $0.67 EPS, Q4 2021 earnings at $0.63 EPS and FY2022 earnings at $2.42 EPS.

A number of other research analysts have also commented on SRCE. Zacks Investment Research raised 1st Source from a sell rating to a hold rating in a report on Wednesday, July 1st. ValuEngine lowered 1st Source from a hold rating to a sell rating in a report on Monday, August 3rd. Finally, BidaskClub raised 1st Source from a sell rating to a hold rating in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $51.50.

SRCE stock opened at $32.80 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $838.17 million, a price-to-earnings ratio of 10.35 and a beta of 1.15. 1st Source has a 1 year low of $26.07 and a 1 year high of $53.42. The stock’s fifty day moving average is $32.49 and its two-hundred day moving average is $33.44.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.09. 1st Source had a return on equity of 9.40% and a net margin of 21.68%. As a group, analysts predict that 1st Source will post 2.86 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Monday, November 2nd. 1st Source’s payout ratio is currently 31.37%.

Large investors have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC grew its holdings in 1st Source by 4.7% during the first quarter. Nuveen Asset Management LLC now owns 101,014 shares of the financial services provider’s stock worth $3,276,000 after acquiring an additional 4,554 shares during the period. Geode Capital Management LLC grew its holdings in 1st Source by 7.1% during the first quarter. Geode Capital Management LLC now owns 257,947 shares of the financial services provider’s stock worth $8,365,000 after acquiring an additional 17,126 shares during the period. Engineers Gate Manager LP grew its holdings in 1st Source by 16.6% during the first quarter. Engineers Gate Manager LP now owns 8,192 shares of the financial services provider’s stock worth $266,000 after acquiring an additional 1,168 shares during the period. California Public Employees Retirement System grew its holdings in 1st Source by 15.3% during the second quarter. California Public Employees Retirement System now owns 36,847 shares of the financial services provider’s stock worth $1,311,000 after acquiring an additional 4,893 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in 1st Source by 5.1% during the second quarter. Two Sigma Advisers LP now owns 18,450 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 900 shares during the period. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

About 1st Source

1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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