1st Source (NASDAQ:SRCE) Given Neutral Rating at DA Davidson

DA Davidson reaffirmed their neutral rating on shares of 1st Source (NASDAQ:SRCE) in a report issued on Monday morning,Benzinga reports. DA Davidson currently has a $74.00 target price on the financial services provider’s stock.

SRCE has been the subject of several other research reports. Piper Sandler lifted their price objective on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

1st Source Price Performance

1st Source stock opened at $73.80 on Monday. 1st Source has a one year low of $56.89 and a one year high of $76.44. The business has a fifty day moving average price of $70.05 and a 200-day moving average price of $65.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.78 billion, a P/E ratio of 11.32 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The company had revenue of $113.14 million during the quarter, compared to the consensus estimate of $111.88 million. As a group, equities research analysts forecast that 1st Source will post 6.7 EPS for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 5th. This is a positive change from 1st Source’s previous quarterly dividend of $0.40. 1st Source’s payout ratio is currently 24.54%.

Hedge Funds Weigh In On 1st Source

A number of institutional investors have recently made changes to their positions in SRCE. Russell Investments Group Ltd. lifted its stake in 1st Source by 1.2% during the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider’s stock worth $1,043,000 after purchasing an additional 206 shares during the last quarter. Engineers Gate Manager LP lifted its stake in 1st Source by 8.9% during the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 304 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in 1st Source by 562.1% during the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 371 shares during the last quarter. Zacks Investment Management lifted its stake in 1st Source by 4.2% during the third quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider’s stock worth $592,000 after purchasing an additional 388 shares during the last quarter. Finally, Man Group plc increased its holdings in shares of 1st Source by 3.6% in the fourth quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after buying an additional 413 shares during the period. Institutional investors own 74.45% of the company’s stock.

About 1st Source

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.