Piper Sandler Increases 1st Source (NASDAQ:SRCE) Price Target to $60.00

1st Source (NASDAQ:SRCE) had its price objective hoisted by equities research analysts at Piper Sandler from $59.00 to $60.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 20.97% from the stock’s current price.

Separately, Keefe, Bruyette & Woods lifted their price target on shares of 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a research note on Monday, January 22nd.

1st Source Trading Down 1.2 %

SRCE opened at $49.60 on Monday. 1st Source has a 52 week low of $38.77 and a 52 week high of $56.59. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $50.16 and a 200-day simple moving average of $50.17. The firm has a market cap of $1.21 billion, a P/E ratio of 9.98 and a beta of 0.79.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. The business had revenue of $138.62 million for the quarter, compared to analyst estimates of $93.30 million. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, equities analysts expect that 1st Source will post 4.71 earnings per share for the current year.

Insider Transactions at 1st Source

In other news, EVP Jeffrey L. Buhr sold 761 shares of 1st Source stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the completion of the sale, the executive vice president now directly owns 70,252 shares in the company, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 19.44% of the company’s stock.

Institutional Investors Weigh In On 1st Source

A number of large investors have recently bought and sold shares of the stock. Frazier Financial Advisors LLC acquired a new position in 1st Source in the 4th quarter valued at about $27,000. New York State Teachers Retirement System acquired a new position in shares of 1st Source in the first quarter valued at approximately $78,000. PNC Financial Services Group Inc. raised its position in shares of 1st Source by 10.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of 1st Source during the fourth quarter valued at approximately $188,000. Finally, Pathstone Family Office LLC acquired a new stake in 1st Source during the third quarter worth approximately $206,000. Institutional investors and hedge funds 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.