DA Davidson Issues Positive Forecast for 1st Source (NASDAQ:SRCE) Stock Price

1st Source (NASDAQ:SRCE) had its price target upped by DA Davidson from $77.00 to $87.00 in a research report released on Monday, Marketbeat reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages also recently commented on SRCE. Weiss Ratings reiterated a “buy (a-)” rating on shares of 1st Source in a report on Thursday, July 2nd. Piper Sandler raised 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. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $85.67.

1st Source Trading Up 1.1%

SRCE stock opened at $86.79 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a twelve month low of $56.89 and a twelve month high of $87.83. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 13.31 and a beta of 0.58. The firm’s fifty day simple moving average is $78.85 and its two-hundred day simple moving average is $72.78.

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

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th will be paid a dividend of $0.45 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.43. 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. 1st Source’s payout ratio is presently 26.38%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of 1st Source by 40.3% during the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock valued at $4,828,000 after acquiring an additional 22,525 shares in the last quarter. CM Management LLC bought a new position in 1st Source in the fourth quarter worth approximately $1,094,000. Denali Advisors LLC grew its stake in 1st Source by 10.2% in the fourth quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock worth $7,536,000 after purchasing an additional 11,200 shares in the last quarter. Vanguard Group Inc. increased its holdings in 1st Source by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after purchasing an additional 122,146 shares during the period. Finally, SG Americas Securities LLC increased its holdings in 1st Source by 191.1% during the 1st quarter. SG Americas Securities LLC now owns 32,378 shares of the financial services provider’s stock worth $2,241,000 after purchasing an additional 21,254 shares during the period. 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.