1st Source (NASDAQ:SRCE) Trading Up 7.5% Following Analyst Upgrade

1st Source Co. (NASDAQ:SRCEGet Free Report) shot up 7.5% during mid-day trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $67.00 to $69.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. 1st Source traded as high as $62.01 and last traded at $61.83. 38,739 shares were traded during trading, a decline of 35% from the average session volume of 59,806 shares. The stock had previously closed at $57.53.

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

View Our Latest Stock Report on SRCE

Hedge Funds Weigh In On 1st Source

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 1st Source by 18.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,241 shares of the financial services provider’s stock valued at $718,000 after purchasing an additional 1,938 shares in the last quarter. Financial Life Planners acquired a new stake in 1st Source in the 4th quarter valued at approximately $48,000. R Squared Ltd bought a new stake in 1st Source in the 4th quarter valued at approximately $40,000. SG Americas Securities LLC boosted its position in 1st Source by 38.3% during the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after acquiring an additional 2,411 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after acquiring an additional 24,470 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

1st Source Stock Performance

The stock’s 50-day moving average price is $60.71 and its 200 day moving average price is $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 current ratio of 0.94 and a quick ratio of 0.94.

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

1st Source Dividend Announcement

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

1st Source Company Profile

(Get Free Report)

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.

Further Reading

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