1st Source (NASDAQ:SRCE) Stock Rating Upgraded by Piper Sandler

1st Source (NASDAQ:SRCE) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Monday, MarketBeat Ratings reports. The firm presently has a $72.50 price target on the financial services provider’s stock, up from their previous price target of $70.00. Piper Sandler’s price target points to a potential upside of 17.29% from the company’s current price.

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

1st Source Price Performance

SRCE stock opened at $61.81 on Monday. The stock has a 50-day simple moving average of $60.71 and a 200-day simple moving average of $60.48. The firm has a market cap of $1.52 billion, a P/E ratio of 11.77 and a beta of 0.82. 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 1 year low of $47.30 and a 1 year high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 predict that 1st Source will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several institutional investors and hedge funds have recently bought and sold shares of SRCE. R Squared Ltd acquired a new stake in 1st Source in the fourth quarter worth $40,000. Financial Life Planners bought a new position in shares of 1st Source during the fourth quarter worth about $48,000. nVerses Capital LLC increased its holdings in shares of 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 acquiring an additional 600 shares during the period. New York State Teachers Retirement System lifted its position 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 valued at $100,000 after purchasing an additional 182 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in 1st Source during the 3rd quarter valued at about $122,000. Institutional investors and hedge funds 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.