1st Source (NASDAQ:SRCE) Price Target Raised to $87.00

1st Source (NASDAQ:SRCE) had its price objective raised by DA Davidson from $77.00 to $87.00 in a research note released on Monday morning, Marketbeat reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

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

1st Source Stock Performance

1st Source stock opened at $90.30 on Monday. 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 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 1-year low of $56.89 and a 1-year high of $91.46. The firm has a 50-day moving average of $79.55 and a 200-day moving average of $73.15.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 EPS 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 business had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. Sell-side analysts expect that 1st Source will post 7.26 EPS for the current year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.0%. This is a boost from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date is Tuesday, August 4th. 1st Source’s dividend payout ratio (DPR) is currently 26.38%.

Institutional Trading of 1st Source

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 371 shares in the last quarter. Quarry LP raised its stake in 1st Source by 1,694.4% during the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 610 shares during the period. Rossby Financial LCC purchased a new position in 1st Source during the fourth quarter valued at approximately $50,000. Tower Research Capital LLC TRC lifted its holdings 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 valued at $104,000 after purchasing an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of 1st Source in the fourth quarter worth approximately $128,000. 74.45% of the stock is currently owned by 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.