1st Source (NASDAQ:SRCE) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of 1st Source (NASDAQ:SRCE) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Weiss Ratings cut shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. DA Davidson boosted their target price on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday. Keefe, Bruyette & Woods upped their price target on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday. Finally, Piper Sandler raised their price target on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, 1st Source presently has a consensus rating of “Moderate Buy” and an average price target of $89.67.

1st Source Stock Performance

NASDAQ SRCE opened at $90.30 on Tuesday. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 13.85 and a beta of 0.58. 1st Source has a twelve month low of $56.89 and a twelve month high of $91.46. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average of $79.55 and a 200 day moving average of $73.15.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. The business had revenue of $118.16 million during the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. Sell-side analysts anticipate that 1st Source will post 7.26 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $1.80 annualized dividend and a yield of 2.0%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s dividend payout ratio is currently 27.61%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in shares of 1st Source by 562.1% during the 2nd 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 during the last quarter. Quarry LP lifted its position in 1st Source by 1,694.4% during the third quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after buying an additional 610 shares in the last quarter. Rossby Financial LCC purchased a new position in 1st Source during the fourth quarter worth approximately $50,000. Tower Research Capital LLC TRC boosted its stake in 1st Source by 435.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,368 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in 1st Source during the fourth quarter worth $128,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

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.