Piper Sandler Boosts 1st Source (NASDAQ:SRCE) Price Target to $60.00

1st Source (NASDAQ:SRCE) had its target price hoisted by Piper Sandler from $59.00 to $60.00 in a research report sent to investors on Monday morning, Benzinga reports. The brokerage 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 Up 1.8 %

SRCE stock opened at $50.20 on Monday. The stock has a market capitalization of $1.23 billion, a P/E ratio of 10.10 and a beta of 0.79. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09. 1st Source has a 12 month low of $38.77 and a 12 month high of $56.59. The firm has a 50-day moving average price of $50.16 and a 200-day moving average price of $50.17.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The firm had revenue of $138.62 million during the quarter, compared to analysts’ expectations of $93.30 million. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. During the same quarter in the prior year, the business earned $1.25 earnings per share. As a group, equities research analysts anticipate that 1st Source will post 4.71 EPS for the current fiscal year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be issued a $0.34 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 2.71%. 1st Source’s dividend payout ratio (DPR) is presently 27.36%.

Insider Activity at 1st Source

In related news, EVP Jeffrey L. Buhr sold 761 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 70,252 shares in the company, valued at approximately $3,619,383.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 19.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SRCE. Wellington Management Group LLP raised its holdings in 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 acquired a new stake in 1st Source during the 3rd quarter valued at approximately $1,180,000. Boston Trust Walden Corp increased its position in 1st Source by 5.3% during 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 purchasing an additional 22,176 shares during the period. Charles Schwab Investment Management Inc. increased its position in 1st Source by 4.4% during 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 purchasing an additional 19,639 shares during the period. Finally, Indiana Trust & Investment Management CO increased its position in 1st Source by 68.9% during 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 purchasing an additional 18,187 shares during the period. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

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.