1st Source (NASDAQ:SRCE) Shares Gap Up After Earnings Beat

1st Source Co. (NASDAQ:SRCE)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $56.95, but opened at $59.54. 1st Source shares last traded at $57.47, with a volume of 6,389 shares traded.

The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%.

Analysts Set New Price Targets

SRCE has been the subject of several recent analyst reports. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Tuesday, April 8th.

Institutional Investors Weigh In On 1st Source

Institutional investors have recently made changes to their positions in the stock. Barclays PLC boosted its position in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 25,687 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of 1st Source by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 433,440 shares of the financial services provider’s stock valued at $25,959,000 after purchasing an additional 3,780 shares during the period. Franklin Resources Inc. boosted its position in shares of 1st Source by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider’s stock valued at $663,000 after purchasing an additional 750 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in 1st Source during the third quarter worth approximately $664,000. Finally, JPMorgan Chase & Co. increased its holdings in 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after purchasing an additional 24,470 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Stock Performance

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 10.96 and a beta of 0.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a 50 day simple moving average of $59.77 and a 200-day simple moving average of $61.03.

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.