1st Source (NASDAQ:SRCE) Price Target Raised to $88.00

Key Points

• DA Davidson raised 1st Source’s price target from $87 to $88 while maintaining a “neutral” rating. Analysts’ consensus view is “Moderate Buy,” with an average target of $91.67.
• Shares rose 0.7% to $88.50, near the revised target, while trading below the one-year high of $91.46. The company has a $2.13 billion market capitalization and a price-to-earnings ratio of 12.71.
• 1st Source reported quarterly EPS of $2.03, beating the $1.83 consensus estimate, while revenue of $118.83 million slightly exceeded expectations. Institutional investors own 74.45% of the stock, and insiders own 20.17%.

1st Source (NASDAQ:SRCE - Get Free Report) had its price objective increased by investment analysts at DA Davidson from $87.00 to $88.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. DA Davidson's price target would indicate a potential downside of 0.56% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Zacks Research downgraded 1st Source from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Weiss Ratings upgraded 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. Finally, Piper Sandler reissued an "overweight" rating and set a $105.00 price target on shares of 1st Source in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, 1st Source has a consensus rating of "Moderate Buy" and an average target price of $91.67.

1st Source Trading Up 0.7%

1st Source stock traded up $0.64 during mid-day trading on Tuesday, hitting $88.50. The company's stock had a trading volume of 28,800 shares, compared to its average volume of 128,580. The stock has a market cap of $2.13 billion, a PE ratio of 12.71 and a beta of 0.57. The company has a 50 day moving average of $85.96 and a 200-day moving average of $77.22. 1st Source has a one year low of $58.49 and a one year high of $91.46. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $2.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.20. The firm had revenue of $118.83 million during the quarter, compared to analyst estimates of $118.11 million. 1st Source had a return on equity of 13.57% and a net margin of 28.85%. On average, research analysts anticipate that 1st Source will post 7.26 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the transaction, the chief financial officer directly owned 30,706 shares of the company's stock, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 20.17% of the company's stock.

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently modified their holdings of SRCE. 1ST Source Bank purchased a new position in shares of 1st Source during the 2nd quarter worth about $416,946,000. BlackRock Inc. bought a new stake in 1st Source during the second quarter valued at $166,355,000. Jupiter Topco LLC bought a new position in 1st Source during the 2nd quarter worth $39,286,000. The Manufacturers Life Insurance Company bought a new stake in shares of 1st Source during the second quarter valued at approximately $19,319,000. Finally, Janus Henderson Group PLC increased its stake in 1st Source by 37.4% during the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider's stock valued at $31,889,000 after buying an additional 125,248 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

1st Source Corporation NASDAQ: SRCE is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.

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