1st Source (NASDAQ:SRCE) Price Target Raised to $69.00

1st Source (NASDAQ:SRCE) had its price objective increased by Keefe, Bruyette & Woods from $67.00 to $69.00 in a research report sent to investors on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other research analysts have also commented on SRCE. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Saturday, January 18th. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $72.50 in a report on Monday.

1st Source Trading Up 7.6 %

Shares of 1st Source stock opened at $61.91 on Monday. The company’s 50-day moving average price is $60.76 and its 200-day moving average price is $60.44. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 12-month low of $47.30 and a 12-month high of $68.13. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 11.79 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. On average, equities analysts expect that 1st Source will post 5.46 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.33%. 1st Source’s dividend payout ratio is 27.43%.

Institutional Trading of 1st Source

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 1st Source by 18.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,241 shares of the financial services provider’s stock worth $718,000 after acquiring an additional 1,938 shares in the last quarter. Financial Life Planners purchased a new position in 1st Source in the 4th quarter worth $48,000. R Squared Ltd purchased a new position in 1st Source in the 4th quarter worth $40,000. SG Americas Securities LLC lifted its stake in 1st Source by 38.3% in the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 2,411 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after buying an additional 24,470 shares during the period. Hedge funds and other 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.