1st Source (NASDAQ:SRCE) Stock Rating Upgraded by Piper Sandler

1st Source (NASDAQ:SRCE) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a $72.50 price objective on the financial services provider’s stock, up from their prior price objective of $70.00. Piper Sandler’s target price suggests a potential upside of 17.29% from the stock’s previous close.

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research note on Saturday, January 18th.

1st Source Stock Performance

SRCE stock opened at $61.81 on Monday. The company has a 50-day simple moving average of $60.71 and a 200 day simple moving average of $60.48. The company has a market capitalization of $1.52 billion, a P/E ratio of 11.77 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13.

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 analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. Sell-side analysts predict that 1st Source will post 5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SRCE. Jane Street Group LLC increased its stake in 1st Source by 152.7% in the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. State Street Corp increased its holdings in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after purchasing an additional 9,235 shares during the period. Barclays PLC lifted its position in shares of 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of 1st Source by 625.6% during the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after purchasing an additional 28,648 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in 1st Source by 95.8% during the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock valued at $1,683,000 after purchasing an additional 13,753 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

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.