Keefe, Bruyette & Woods Issues Positive Forecast for 1st Source (NASDAQ:SRCE) Stock Price

1st Source (NASDAQ:SRCE) had its price objective increased by Keefe, Bruyette & Woods from $67.00 to $69.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

Several other brokerages also recently commented on SRCE. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $72.50 in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $61.91 on Monday. The firm has a market capitalization of $1.52 billion, a P/E ratio of 11.79 and a beta of 0.82. The firm’s 50-day moving average price is $60.76 and its 200-day moving average price is $60.44. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13.

1st Source (NASDAQ:SRCE) last issued its 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 return on equity of 11.68% and a net margin of 23.01%. Equities research analysts anticipate that 1st Source will post 5.46 earnings per share for the current fiscal year.

1st Source Dividend Announcement

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

Hedge Funds Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC increased its position in shares of 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock valued at $2,106,000 after purchasing an additional 21,254 shares during the last quarter. State Street Corp increased its holdings in 1st Source by 1.7% during the third 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 raised its position in 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 acquiring an additional 25,687 shares during the period. Thrivent Financial for Lutherans boosted its stake in 1st Source by 625.6% in the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after acquiring an additional 28,648 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in shares of 1st Source by 95.8% during 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. Hedge funds and other institutional investors own 74.45% of the company’s stock.

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.