1st Source (NASDAQ:SRCE - Get Free Report) had its price target upped by research analysts at Piper Sandler from $59.00 to $60.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective would indicate a potential upside of 19.52% from the stock's current price.
Separately, Keefe, Bruyette & Woods increased their price objective on 1st Source from $52.00 to $53.00 and gave the company a "market perform" rating in a research report on Monday, January 22nd.
Check Out Our Latest Report on 1st Source
1st Source Price Performance
Shares of NASDAQ:SRCE traded up $0.88 during trading on Monday, reaching $50.20. The company had a trading volume of 61,060 shares, compared to its average volume of 64,908. 1st Source has a twelve month low of $38.77 and a twelve month high of $56.59. The firm has a market capitalization of $1.23 billion, a PE ratio of 10.10 and a beta of 0.79. The firm's fifty day moving average is $50.16 and its 200 day moving average is $50.17. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92.
1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.02. The company had revenue of $138.62 million for the quarter, compared to analysts' expectations of $93.30 million. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. During the same period last year, the firm earned $1.25 EPS. On average, equities analysts forecast that 1st Source will post 4.71 EPS for the current year.
Insiders Place Their Bets
In other news, EVP Jeffrey L. Buhr sold 761 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total value of $39,206.72. Following the completion of the sale, the executive vice president now directly owns 70,252 shares of the company's stock, valued at $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 19.44% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of SRCE. New York State Teachers Retirement System purchased a new stake in shares of 1st Source during the 1st quarter worth about $78,000. Valeo Financial Advisors LLC raised its position in 1st Source by 7.5% during the first quarter. Valeo Financial Advisors LLC now owns 7,824 shares of the financial services provider's stock valued at $399,000 after acquiring an additional 547 shares in the last quarter. Denali Advisors LLC lifted its stake in 1st Source by 31.0% in the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider's stock valued at $3,748,000 after acquiring an additional 16,900 shares during the last quarter. Indiana Trust & Investment Management CO grew its position in 1st Source by 12.2% in the first quarter. Indiana Trust & Investment Management CO now owns 50,032 shares of the financial services provider's stock worth $2,623,000 after acquiring an additional 5,444 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider's stock worth $129,000 after purchasing an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company's stock.
About 1st Source
(
Get Free Report)
1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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