1st Source (NASDAQ:SRCE) Price Target Raised to $82.00

1st Source (NASDAQ:SRCE) had its target price increased by Keefe, Bruyette & Woods from $79.00 to $82.00 in a report released on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

SRCE has been the subject of a number of other reports. Piper Sandler boosted their target price on shares of 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of 1st Source in a research report on Thursday, July 2nd. Finally, DA Davidson lifted their price objective on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, 1st Source has a consensus rating of “Hold” and a consensus target price of $89.67.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $90.30 on Monday. The business’s 50 day moving average price is $79.55 and its 200 day moving average price is $73.15. The firm has a market cap of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58. 1st Source has a 52 week low of $56.89 and a 52 week high of $91.46. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The company had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. On average, sell-side analysts expect that 1st Source will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be given a dividend of $0.45 per share. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.0%. 1st Source’s payout ratio is 26.38%.

Institutional Investors Weigh In On 1st Source

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its position in 1st Source by 1.2% during the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock worth $1,043,000 after acquiring an additional 206 shares during the period. Engineers Gate Manager LP grew its position in shares of 1st Source by 8.9% in the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 304 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares in the last quarter. Zacks Investment Management increased its stake in shares of 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 388 shares in the last quarter. Finally, Man Group plc raised its position in shares of 1st Source by 3.6% during the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after purchasing an additional 413 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.