1st Source (NASDAQ:SRCE) Given New $58.00 Price Target at Piper Sandler

1st Source (NASDAQ:SRCEGet Rating) had its price target cut by Piper Sandler from $64.00 to $58.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on SRCE. StockNews.com began coverage on 1st Source in a report on Wednesday, October 12th. They set a hold rating on the stock. DA Davidson reduced their price target on 1st Source from $53.00 to $51.00 and set a neutral rating on the stock in a report on Monday.

1st Source Trading Up 0.3 %

NASDAQ SRCE opened at $48.41 on Tuesday. 1st Source has a 1-year low of $42.29 and a 1-year high of $59.94. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.12. The stock has a 50-day moving average of $53.96 and a 200-day moving average of $51.30. The firm has a market cap of $1.19 billion, a PE ratio of 9.98 and a beta of 0.98.

1st Source Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 16th. Shareholders of record on Monday, February 6th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, February 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.64%. 1st Source’s dividend payout ratio (DPR) is 26.39%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SRCE. 1ST Source Bank grew its holdings in shares of 1st Source by 1.4% during the 3rd quarter. 1ST Source Bank now owns 7,572,464 shares of the financial services provider’s stock worth $350,605,000 after acquiring an additional 105,228 shares during the period. State Street Corp grew its holdings in shares of 1st Source by 12.2% during the 1st quarter. State Street Corp now owns 531,972 shares of the financial services provider’s stock worth $24,604,000 after acquiring an additional 57,730 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of 1st Source in the 3rd quarter worth approximately $2,100,000. BlackRock Inc. grew its stake in shares of 1st Source by 2.9% in the 3rd quarter. BlackRock Inc. now owns 1,413,016 shares of the financial services provider’s stock worth $65,422,000 after buying an additional 39,193 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 1st Source by 10.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 326,861 shares of the financial services provider’s stock worth $15,118,000 after buying an additional 31,727 shares during the last quarter. Hedge funds and other institutional investors own 73.23% of the company’s stock.

About 1st Source

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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.

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