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

1st Source (NASDAQ:SRCE) had its price objective hoisted by stock analysts at Keefe, Bruyette & Woods from $67.00 to $69.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 11.63% from the company’s current price.

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

1st Source Stock Down 0.2 %

SRCE stock opened at $61.81 on Monday. The business has a 50-day moving average of $60.71 and a 200-day moving average of $60.48. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The stock 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 debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts anticipate that 1st Source will post 5.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Jane Street Group LLC boosted its position in 1st Source by 152.7% during the third 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 during the period. State Street Corp lifted its stake in shares of 1st Source by 1.7% during the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after buying an additional 9,235 shares during the last quarter. Barclays PLC boosted its holdings in shares of 1st Source by 162.2% during the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after buying an additional 25,687 shares during the period. Thrivent Financial for Lutherans grew its stake in 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in 1st Source by 95.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock valued at $1,683,000 after acquiring an additional 13,753 shares during the period. 74.45% of the stock is currently owned by institutional investors.

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.