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

Key Points

• Keefe, Bruyette & Woods raised its price target for 1st Source from $79 to $82 while maintaining a “market perform” rating, implying roughly 5% downside from the $86.31 share price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $85.67; other firms set targets ranging from $87 to $88.
• 1st Source exceeded quarterly expectations, reporting earnings of $1.95 per share versus the $1.71 consensus and revenue of $118.16 million versus estimates of $114.13 million.

1st Source (NASDAQ:SRCE - Get Free Report) had its price objective upped by stock analysts at Keefe, Bruyette & Woods from $79.00 to $82.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential downside of 4.99% from the stock's current price.

A number of other analysts have also recently issued reports on the company. Piper Sandler boosted their price objective on 1st Source from $83.00 to $88.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of 1st Source in a research report on Thursday, July 2nd. Finally, DA Davidson lifted their price target on shares of 1st Source from $77.00 to $87.00 and gave the stock a "neutral" rating in a research note on Monday. One research 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $85.67.

1st Source Stock Performance

Shares of NASDAQ SRCE traded up $0.47 during mid-day trading on Monday, hitting $86.31. The company had a trading volume of 63,193 shares, compared to its average volume of 133,947. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The business's 50-day simple moving average is $78.56 and its 200-day simple moving average is $72.62. 1st Source has a 12 month low of $56.89 and a 12 month high of $87.83. The firm has a market cap of $2.08 billion, a P/E ratio of 13.25 and a beta of 0.58.

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

Hedge Funds Weigh In On 1st Source

Several hedge funds and other institutional investors have recently modified their holdings of SRCE. Janus Henderson Group PLC grew its holdings in shares of 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock worth $31,889,000 after purchasing an additional 125,248 shares during the last quarter. Vanguard Group Inc. boosted its position in 1st Source by 10.2% in 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 buying an additional 122,146 shares in the last quarter. UBS Group AG boosted its position in 1st Source by 54.9% in the third quarter. UBS Group AG now owns 243,630 shares of the financial services provider's stock valued at $14,998,000 after buying an additional 86,322 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in 1st Source by 95.6% during the second quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider's stock worth $10,031,000 after buying an additional 78,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in 1st Source by 52.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 168,703 shares of the financial services provider's stock worth $10,542,000 after buying an additional 58,135 shares during the last quarter. 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.

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