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

1st Source Co. (NASDAQ:SRCE) shares rose 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.

SRCE has been the topic of a number of other reports. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research note on Saturday, January 18th. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their price target for the company from $70.00 to $72.50 in a research report on Monday.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake 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 purchased a new position in shares of 1st Source in the fourth quarter worth $48,000. R Squared Ltd purchased a new position in 1st Source during the fourth quarter valued at $40,000. SG Americas Securities LLC increased its holdings in 1st Source by 38.3% in the 4th quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock valued at $508,000 after acquiring an additional 2,411 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 24,470 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day simple moving average is $60.76 and its 200 day simple moving average is $60.44. The firm has a market cap of $1.52 billion, a P/E ratio of 11.79 and a beta of 0.82.

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

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.33%. 1st Source’s dividend payout ratio (DPR) is presently 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.