DA Davidson Reiterates Neutral Rating for 1st Source (NASDAQ:SRCE)

Key Points

• DA Davidson reiterated a neutral rating on 1st Source with a $74 price target, implying only about a 0.3% upside from the prior close.
• Analyst views are mixed but generally positive: Weiss upgraded the stock, Piper Sandler kept an overweight stance with an $88 target, and the consensus rating is a Moderate Buy with an average target of $77.
• 1st Source reported quarterly EPS of $1.63 (missing estimates by $0.01) while revenue of $113.14M beat expectations, and the stock traded around $73.78—near its 52-week high—with institutional investors owning about 74.45% of shares.

1st Source (NASDAQ:SRCE - Get Free Report)'s stock had its "neutral" rating reissued by analysts at DA Davidson in a research report issued on Monday,Benzinga reports. They currently have a $74.00 price target on the financial services provider's stock. DA Davidson's price target points to a potential upside of 0.30% from the company's previous close.

Other research analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Monday, April 6th. Piper Sandler restated an "overweight" rating and set a $88.00 target price (up from $83.00) on shares of 1st Source in a research report on Monday. One investment 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.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $77.00.

1st Source Stock Up 0.9%

Shares of 1st Source stock traded up $0.67 during trading hours on Monday, reaching $73.78. 51,590 shares of the company's stock were exchanged, compared to its average volume of 135,575. The company has a 50 day moving average of $69.98 and a two-hundred day moving average of $65.81. 1st Source has a fifty-two week low of $56.89 and a fifty-two week high of $76.44. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.78 billion, a P/E ratio of 11.32 and a beta of 0.58.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 EPS for the quarter, missing analysts' consensus estimates of $1.64 by ($0.01). The business had revenue of $113.14 million for the quarter, compared to analyst estimates of $111.88 million. 1st Source had a return on equity of 12.39% and a net margin of 26.66%. On average, sell-side analysts forecast that 1st Source will post 6.7 EPS for the current fiscal year.

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently modified their holdings of SRCE. Russell Investments Group Ltd. increased its position in shares of 1st Source by 1.2% during the fourth quarter. Russell Investments Group Ltd. now owns 16,687 shares of the financial services provider's stock worth $1,043,000 after acquiring an additional 206 shares in the last quarter. Engineers Gate Manager LP grew its position in 1st Source by 8.9% in the 2nd quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider's stock worth $231,000 after purchasing an additional 304 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock worth $27,000 after purchasing an additional 371 shares in the last quarter. Zacks Investment Management grew its position in 1st Source by 4.2% in the 3rd quarter. Zacks Investment Management now owns 9,613 shares of the financial services provider's stock worth $592,000 after purchasing an additional 388 shares in the last quarter. Finally, Man Group plc grew its position in 1st Source by 3.6% in the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider's stock worth $746,000 after purchasing an additional 413 shares in the last quarter. Institutional investors and hedge funds 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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