1st Source (NASDAQ:SRCE) Price Target Raised to $87.00

1st Source (NASDAQ:SRCE) had its price target hoisted by equities research analysts at DA Davidson from $77.00 to $87.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 0.17% from the stock’s current price.

A number of other brokerages also recently issued reports on SRCE. Weiss Ratings restated a “buy (a-)” rating on shares of 1st Source in a report on Thursday, July 2nd. Piper Sandler increased their price objective on 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.33.

1st Source Price Performance

Shares of NASDAQ SRCE traded up $1.01 during trading hours on Monday, reaching $86.85. 19,914 shares of the stock traded hands, compared to its average volume of 133,637. The company has a market capitalization of $2.09 billion, a P/E ratio of 13.32 and a beta of 0.58. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a 52-week low of $56.89 and a 52-week high of $87.83. The company’s 50-day simple moving average is $78.56 and its two-hundred day simple moving average is $72.62.

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

Institutional Trading of 1st Source

A number of institutional investors and hedge funds have recently modified their holdings of SRCE. EverSource Wealth Advisors LLC grew its stake in shares of 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 371 shares during the period. Quarry LP boosted its holdings in 1st Source by 1,694.4% in the 3rd quarter. Quarry LP now owns 646 shares of the financial services provider’s stock worth $40,000 after buying an additional 610 shares during the period. Rossby Financial LCC bought a new position in shares of 1st Source in the fourth quarter worth about $50,000. Tower Research Capital LLC TRC grew its holdings in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,368 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of 1st Source during the fourth quarter worth $128,000. Institutional investors own 74.45% of the company’s stock.

About 1st Source

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.