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

1st Source Co. (NASDAQ:SRCE)’s share price was up 7.5% 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. Approximately 38,739 shares changed hands during trading, a decline of 35% from the average daily volume of 59,806 shares. The stock had previously closed at $57.53.

Several other equities research analysts have also issued reports on SRCE. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $72.50 in a research note on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SRCE. Mirae Asset Global Investments Co. Ltd. increased its position in 1st Source by 18.8% during the 4th 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 during the period. Financial Life Planners bought a new position in 1st Source in the fourth quarter worth $48,000. R Squared Ltd bought a new stake in shares of 1st Source during the 4th quarter valued at $40,000. SG Americas Securities LLC grew its holdings in 1st Source by 38.3% in the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 2,411 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of 1st Source by 36.8% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Price Performance

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.52 billion, a P/E ratio of 11.77 and a beta of 0.82. The firm has a fifty day moving average price of $60.71 and a two-hundred day moving average price of $60.48.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. On average, analysts expect that 1st Source Co. will post 5.46 EPS for the current year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.33%. 1st Source’s payout ratio is 27.43%.

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.