Keefe, Bruyette & Woods Boosts 1st Source (NASDAQ:SRCE) Price Target to $82.00

1st Source (NASDAQ:SRCE) had its price objective upped by equities research analysts at Keefe, Bruyette & Woods from $79.00 to $82.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential downside of 4.99% from the company’s current price.

Several other brokerages have also issued reports on SRCE. Piper Sandler upped their price target on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of 1st Source in a research note on Thursday, July 2nd. Finally, DA Davidson lifted their price target on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, 1st Source presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.67.

1st Source Price Performance

NASDAQ SRCE traded up $0.47 on Monday, hitting $86.31. 63,193 shares of the company were exchanged, compared to its average volume of 133,947. 1st Source has a 1-year low of $56.89 and a 1-year high of $87.83. The firm has a 50 day moving average of $78.56 and a two-hundred day moving average of $72.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.08 billion, a P/E ratio of 13.25 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. On average, equities analysts predict that 1st Source will post 6.81 EPS for the current year.

Institutional Trading of 1st Source

A number of hedge funds have recently modified their holdings of SRCE. Vanguard Group Inc. grew its holdings in 1st Source by 10.2% during the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after purchasing an additional 122,146 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in 1st Source by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider’s stock worth $43,155,000 after purchasing an additional 8,614 shares during the period. Geode Capital Management LLC boosted its position in shares of 1st Source by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider’s stock worth $31,173,000 after purchasing an additional 14,643 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after buying an additional 125,248 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in shares of 1st Source by 19.8% in the 4th quarter. Kennedy Capital Management LLC now owns 318,733 shares of the financial services provider’s stock valued at $19,918,000 after buying an additional 52,787 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.