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

1st Source (NASDAQ:SRCE) had its target price hoisted by equities research analysts at Keefe, Bruyette & Woods from $67.00 to $69.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 13.93% from the stock’s current price.

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

1st Source Price Performance

NASDAQ SRCE opened at $60.56 on Monday. The business has a 50 day simple moving average of $60.81 and a 200 day simple moving average of $60.40. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. 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 stock has a market cap of $1.48 billion, a price-to-earnings ratio of 11.29 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results 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 net margin of 23.01% and a return on equity of 11.68%. Analysts anticipate that 1st Source will post 5.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently modified their holdings of the company. Financial Life Planners bought a new stake in shares of 1st Source during the fourth quarter valued at approximately $48,000. R Squared Ltd bought a new stake in 1st Source during the fourth quarter worth $40,000. SG Americas Securities LLC grew its holdings in 1st Source by 38.3% during the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after buying an additional 2,411 shares in the last quarter. JPMorgan Chase & Co. grew its holdings 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 worth $5,450,000 after buying an additional 24,470 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in 1st Source during the third quarter worth $664,000. Institutional investors 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.