Piper Sandler Upgrades 1st Source (NASDAQ:SRCE) to “Overweight”

Piper Sandler upgraded shares of 1st Source (NASDAQ:SRCE) from a neutral rating to an overweight rating in a research report report published on Monday morning, Marketbeat reports. The firm currently has $72.50 target price on the financial services provider’s stock, up from their prior target price of $70.00.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th.

1st Source Stock Performance

NASDAQ:SRCE opened at $61.91 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source has a fifty-two week low of $47.30 and a fifty-two week 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. The stock has a fifty day moving average price of $60.76 and a 200-day moving average price of $60.44.

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

1st Source Dividend Announcement

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

Hedge Funds Weigh In On 1st Source

A number of institutional investors and hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System increased its holdings in 1st Source by 12.2% in the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 182 shares in the last quarter. Inspire Investing LLC increased its holdings in 1st Source by 4.4% in the 3rd quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock worth $414,000 after purchasing an additional 293 shares in the last quarter. nVerses Capital LLC increased its holdings in 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in 1st Source by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock worth $3,618,000 after purchasing an additional 600 shares in the last quarter. Finally, R Squared Ltd acquired a new position in 1st Source in the 4th quarter worth about $40,000. Institutional investors and hedge funds own 74.45% of the company’s stock.

About 1st Source

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.