1st Source (NASDAQ:SRCE) Rating Increased to Overweight at Piper Sandler

1st Source (NASDAQ:SRCE) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Monday, MarketBeat reports. The brokerage presently has a $72.50 target price on the financial services provider’s stock, up from their previous target price of $70.00. Piper Sandler’s target price would suggest a potential upside of 26.02% from the stock’s previous close.

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

1st Source Trading Down 0.0 %

NASDAQ SRCE opened at $57.53 on Monday. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. The firm has a 50-day moving average price of $60.81 and a 200 day moving average price of $60.40. The stock has a market capitalization of $1.41 billion, a P/E ratio of 10.96 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 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 research analysts expect that 1st Source will post 5.46 EPS for the current year.

Institutional Trading of 1st Source

A number of large investors have recently made changes to their positions in the stock. Financial Life Planners acquired a new stake in 1st Source during the fourth quarter worth approximately $48,000. R Squared Ltd acquired a new stake in shares of 1st Source during the fourth quarter worth $40,000. SG Americas Securities LLC grew its position in shares of 1st Source by 38.3% in the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock valued at $508,000 after purchasing an additional 2,411 shares during the period. JPMorgan Chase & Co. increased its stake 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 valued at $5,450,000 after purchasing an additional 24,470 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in 1st Source during the third quarter worth about $664,000. 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.