1st Source (NASDAQ:SRCE) Given New $82.00 Price Target at Keefe, Bruyette & Woods

1st Source (NASDAQ:SRCE) had its price objective boosted by Keefe, Bruyette & Woods from $79.00 to $82.00 in a research report report published on Monday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. Weiss Ratings reissued a “buy (a-)” rating on shares of 1st Source in a report on Thursday, July 2nd. Piper Sandler raised their target price on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, DA Davidson boosted their price target on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.67.

1st Source Price Performance

Shares of SRCE opened at $86.79 on Monday. The firm has a fifty day simple moving average of $78.85 and a two-hundred day simple moving average of $72.78. The firm has a market cap of $2.09 billion, a PE ratio of 13.31 and a beta of 0.58. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a 1-year low of $56.89 and a 1-year high of $87.83.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. 1st Source had a return on equity of 12.94% and a net margin of 28.09%.The firm had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. On average, equities analysts anticipate that 1st Source will post 6.81 EPS for the current year.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders 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 dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 4th. This is a positive change from 1st Source’s previous quarterly dividend of $0.43. 1st Source’s payout ratio is presently 26.38%.

Institutional Investors Weigh In On 1st Source

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after purchasing an additional 122,146 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 1st Source by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock valued at $43,155,000 after purchasing an additional 8,614 shares during the period. Geode Capital Management LLC increased its position in 1st Source by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock worth $31,173,000 after buying an additional 14,643 shares in the last quarter. Janus Henderson Group PLC increased its position in 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock worth $31,889,000 after buying an additional 125,248 shares in the last quarter. Finally, Kennedy Capital Management LLC raised its stake in shares of 1st Source by 19.8% in the fourth quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock worth $19,918,000 after buying an additional 52,787 shares during the period. 74.45% of the stock is currently owned by hedge funds and other 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.