1st Source (NASDAQ:SRCE) Given New $60.00 Price Target at Piper Sandler

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

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

1st Source Stock Performance

Shares of SRCE stock opened at $50.60 on Monday. The firm’s 50 day moving average price is $50.15 and its 200-day moving average price is $50.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. 1st Source has a one year low of $38.77 and a one year 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 released its earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The company had revenue of $138.62 million for the quarter, compared to analyst estimates of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same period in the prior year, the business earned $1.25 EPS. As a group, equities research analysts predict that 1st Source will post 4.83 EPS for the current year.

1st Source Dividend Announcement

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

Insider Buying and Selling at 1st Source

In other 1st Source news, EVP Jeffrey L. Buhr sold 761 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total value of $39,206.72. Following the sale, the executive vice president now directly owns 70,252 shares of the company’s stock, valued at approximately $3,619,383.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 19.44% of the company’s stock.

Institutional Investors Weigh In On 1st Source

A number of large investors have recently modified their holdings of SRCE. Wellington Management Group LLP grew its position in shares of 1st Source by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after buying an additional 39,514 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of 1st Source in the 3rd quarter valued at $1,180,000. Boston Trust Walden Corp grew its position in shares of 1st Source by 5.3% in the 4th quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock valued at $24,138,000 after buying an additional 22,176 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 1st Source by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 465,284 shares of the financial services provider’s stock valued at $19,584,000 after buying an additional 19,639 shares during the last quarter. Finally, Indiana Trust & Investment Management CO grew its position in shares of 1st Source by 68.9% in the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock valued at $2,450,000 after buying an additional 18,187 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

About 1st Source

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.