1st Source (NASDAQ:SRCE) Price Target Raised to $88.00

1st Source (NASDAQ:SRCE) had its price target lifted by DA Davidson from $87.00 to $88.00 in a research report sent to investors on Tuesday morning,Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

Several other brokerages have also weighed in on SRCE. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. Keefe, Bruyette & Woods lifted their target price on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Zacks Research cut shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Finally, Piper Sandler reissued an “overweight” rating and issued a $105.00 price target (up from $100.00) on shares of 1st Source in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.67.

1st Source Trading Up 1.0%

1st Source stock opened at $88.23 on Tuesday. 1st Source has a 1 year low of $58.49 and a 1 year high of $91.46. The firm’s 50-day moving average is $86.00 and its 200-day moving average is $77.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.13 billion, a P/E ratio of 11.91 and a beta of 0.57.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.20. 1st Source had a return on equity of 13.57% and a net margin of 28.85%. The firm had revenue of $118.83 million during the quarter, compared to the consensus estimate of $118.11 million. On average, equities analysts expect that 1st Source will post 7.62 earnings per share for the current year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, November 3rd will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. 1st Source’s dividend payout ratio (DPR) is currently 24.29%.

Insiders Place Their Bets

In other 1st Source news, CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 20.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. 1ST Source Bank acquired a new stake in shares of 1st Source during the 2nd quarter valued at $416,946,000. BlackRock Inc. purchased a new position in shares of 1st Source during the 2nd quarter valued at $166,355,000. Jupiter Topco LLC acquired a new position in shares of 1st Source in the second quarter worth $39,286,000. Janus Henderson Group PLC increased its stake in shares of 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock worth $31,889,000 after acquiring an additional 125,248 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of 1st Source in the second quarter worth $19,319,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.