1st Source (NASDAQ:SRCE) Given New $75.00 Price Target at Piper Sandler

1st Source (NASDAQ:SRCE - Free Report) had its price objective boosted by Piper Sandler from $72.50 to $75.00 in a report published on Monday,Benzinga reports. The firm currently has an overweight rating on the financial services provider's stock.

SRCE has been the subject of a number of other research reports. Keefe, Bruyette & Woods boosted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a research report on Thursday, April 24th.

1st Source Price Performance

1st Source stock traded up $0.11 on Monday, reaching $60.06. The company's stock had a trading volume of 102,548 shares, compared to its average volume of 83,393. The business's fifty day moving average price is $59.24 and its 200 day moving average price is $61.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 11.21 and a beta of 0.67. 1st Source has a twelve month low of $48.97 and a twelve month high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.16. The business had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities analysts expect that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be given a dividend of $0.38 per share. This is a boost from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date is Monday, May 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.53%. 1st Source's payout ratio is currently 26.71%.

Hedge Funds Weigh In On 1st Source

Several large investors have recently bought and sold shares of the business. R Squared Ltd acquired a new stake in 1st Source during the 4th quarter worth $40,000. Financial Life Planners acquired a new stake in shares of 1st Source during the fourth quarter worth $48,000. Jones Financial Companies Lllp grew its stake in shares of 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock worth $71,000 after purchasing an additional 465 shares during the period. Picton Mahoney Asset Management increased its holdings in 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock valued at $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Aquatic Capital Management LLC lifted its stake in 1st Source by 14.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock valued at $147,000 after buying an additional 315 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.