Piper Sandler Forecasts Strong Price Appreciation for 1st Source (NASDAQ:SRCE) Stock

Key Points

• Piper Sandler raised the price target for 1st Source (NASDAQ:SRCE) from $75.00 to $80.00, indicating a potential upside of 27.90% from its current price.
• 1st Source reported an EPS of $1.51 for the latest quarter, exceeding analysts' expectations by $0.02, with revenue reaching $108.25 million.
• Institutional investors own 74.45% of 1st Source's stock, with notable recent acquisitions by several funds like CX Institutional and Aquatic Capital Management LLC.

1st Source (NASDAQ:SRCE - Get Free Report) had its price target raised by investment analysts at Piper Sandler from $75.00 to $80.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price suggests a potential upside of 27.90% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a report on Saturday, July 12th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $69.00 target price (up from $67.00) on shares of 1st Source in a report on Monday.

1st Source Stock Up 2.7%

Shares of SRCE traded up $1.65 during trading hours on Monday, hitting $62.55. 33,771 shares of the company were exchanged, compared to its average volume of 97,491. The firm's 50 day moving average is $61.99 and its 200-day moving average is $61.04. 1st Source has a 52 week low of $52.14 and a 52 week high of $68.13. The company has a market cap of $1.54 billion, a PE ratio of 10.95 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. The company had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. On average, equities research analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

Institutional Trading of 1st Source

Several institutional investors and hedge funds have recently bought and sold shares of SRCE. CX Institutional acquired a new position in shares of 1st Source in the second quarter valued at approximately $63,000. Aquatic Capital Management LLC lifted its stake in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after purchasing an additional 315 shares during the last quarter. Financial Life Planners lifted its stake in 1st Source by 239.1% during the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after purchasing an additional 1,963 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of 1st Source by 143.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock valued at $218,000 after acquiring an additional 2,204 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of 1st Source in the 4th quarter valued at $219,000. Institutional investors own 74.45% of the company's stock.

1st Source Company Profile

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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