Piper Sandler Upgrades 1st Source (NASDAQ:SRCE) to Overweight

Piper Sandler upgraded shares of 1st Source (NASDAQ:SRCE) from a neutral rating to an overweight rating in a research report report published on Monday morning, MarketBeat Ratings reports. Piper Sandler currently has $72.50 price objective on the financial services provider’s stock, up from their prior price objective of $70.00.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of 1st Source in a research report on Saturday, January 18th.

1st Source Stock Up 0.1 %

SRCE stock opened at $61.86 on Monday. 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 has a 1-year low of $47.30 and a 1-year high of $68.13. The stock has a market capitalization of $1.52 billion, a P/E ratio of 11.78 and a beta of 0.82. The business has a fifty day moving average price of $60.66 and a 200-day moving average price of $60.49.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. Equities analysts forecast that 1st Source will post 5.46 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Tuesday, February 4th. 1st Source’s payout ratio is currently 26.87%.

Institutional Trading of 1st Source

Several large investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its stake in shares of 1st Source by 625.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after acquiring an additional 28,648 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in 1st Source in the 3rd quarter worth $1,713,000. Barclays PLC grew its holdings in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the period. JPMorgan Chase & Co. increased its position in 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock worth $5,450,000 after buying an additional 24,470 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of 1st Source by 152.7% in the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after buying an additional 21,254 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.