1st Source (NASDAQ:SRCE) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded 1st Source to “strong buy” from “hold.” Other analysts also raised price targets, bringing the consensus rating to “Moderate Buy” with an average target of $89.67.
• 1st Source reported quarterly EPS of $1.95, beating estimates of $1.71, while revenue of $118.16 million exceeded the $114.13 million consensus.
• The stock opened at $90.30, near its 52-week high of $91.46, and institutional investors own 74.45% of the company’s shares.

1st Source (NASDAQ:SRCE - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages have also recently commented on SRCE. Piper Sandler lifted their price target on 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday. DA Davidson increased their price objective on 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a report on Monday. Weiss Ratings cut 1st Source from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lifted their target price on 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $89.67.

1st Source Stock Performance

Shares of 1st Source stock opened at $90.30 on Tuesday. The company has a 50 day moving average price of $79.55 and a 200 day moving average price of $73.15. The firm has a market capitalization of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58. 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 52 week low of $56.89 and a 52 week high of $91.46.

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 analysts' consensus estimates of $1.71 by $0.24. The business had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. Sell-side analysts expect that 1st Source will post 7.26 EPS for the current year.

Hedge Funds Weigh In On 1st Source

A number of institutional investors have recently modified their holdings of SRCE. EverSource Wealth Advisors LLC lifted its holdings in shares of 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after buying an additional 371 shares during the period. Quarry LP grew its holdings in 1st Source by 1,694.4% during the third quarter. Quarry LP now owns 646 shares of the financial services provider's stock worth $40,000 after acquiring an additional 610 shares during the period. Rossby Financial LCC purchased a new position in 1st Source during the fourth quarter valued at approximately $50,000. Tower Research Capital LLC TRC lifted its holdings in 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after acquiring an additional 1,368 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in 1st Source in the 4th quarter worth approximately $128,000. Hedge funds and other 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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