1st Source (NASDAQ:SRCE) Price Target Raised to $60.00

1st Source (NASDAQ:SRCE) had its target price increased by Piper Sandler from $59.00 to $60.00 in a research note released on Monday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods lifted their price target on 1st Source from $52.00 to $53.00 and gave the stock a market perform rating in a research note on Monday, January 22nd.

1st Source Trading Up 2.0 %

Shares of SRCE stock opened at $50.60 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $50.15 and a two-hundred day moving average price of $50.22. 1st Source has a 12-month low of $38.77 and a 12-month high of $56.59. The firm has a market cap of $1.24 billion, a P/E ratio of 10.18 and a beta of 0.79.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.02. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. The firm had revenue of $138.62 million during the quarter, compared to analyst estimates of $93.30 million. During the same quarter in the previous year, the company posted $1.25 earnings per share. Equities analysts anticipate that 1st Source will post 4.83 EPS for the current fiscal year.

1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, May 6th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.69%. 1st Source’s dividend payout ratio is currently 27.36%.

Insider Transactions at 1st Source

In other news, EVP Jeffrey L. Buhr sold 761 shares of 1st Source stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $51.52, for a total value of $39,206.72. Following the transaction, the executive vice president now owns 70,252 shares in the company, valued at $3,619,383.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 19.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its holdings in 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 valued at $129,000 after purchasing an additional 218 shares during the period. Swiss National Bank increased its holdings in 1st Source by 1.0% during the 3rd quarter. Swiss National Bank now owns 40,789 shares of the financial services provider’s stock valued at $1,717,000 after purchasing an additional 400 shares during the period. Frazier Financial Advisors LLC purchased a new position in 1st Source during the 4th quarter valued at about $27,000. Valeo Financial Advisors LLC increased its holdings in 1st Source by 7.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 7,824 shares of the financial services provider’s stock valued at $399,000 after purchasing an additional 547 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in 1st Source by 11.5% during the 4th quarter. Principal Financial Group Inc. now owns 5,726 shares of the financial services provider’s stock valued at $315,000 after purchasing an additional 589 shares during the period. 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.