DA Davidson Increases 1st Source (NASDAQ:SRCE) Price Target to $87.00

1st Source (NASDAQ:SRCE) had its price target lifted by stock analysts at DA Davidson from $77.00 to $87.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective indicates a potential upside of 0.17% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Weiss Ratings reiterated a “buy (a-)” rating on shares of 1st Source in a research report on Thursday, July 2nd. Piper Sandler upped their target price on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.33.

1st Source Stock Performance

Shares of SRCE traded up $1.01 during midday trading on Monday, reaching $86.85. 19,914 shares of the stock were exchanged, compared to its average volume of 133,637. The stock’s 50 day simple moving average is $78.56 and its 200 day simple moving average is $72.62. The company has a market cap of $2.09 billion, a P/E ratio of 13.32 and a beta of 0.58. 1st Source has a twelve month low of $56.89 and a twelve month high of $87.83. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The firm had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. On average, sell-side analysts expect that 1st Source will post 6.81 earnings per share for the current year.

Hedge Funds Weigh In On 1st Source

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of 1st Source by 40.3% in the third quarter. JPMorgan Chase & Co. now owns 78,426 shares of the financial services provider’s stock worth $4,828,000 after buying an additional 22,525 shares in the last quarter. CM Management LLC bought a new position in 1st Source in the 4th quarter worth about $1,094,000. Denali Advisors LLC raised its holdings in shares of 1st Source by 10.2% in the 4th quarter. Denali Advisors LLC now owns 120,600 shares of the financial services provider’s stock valued at $7,536,000 after acquiring an additional 11,200 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 1st Source by 10.2% during the 4th quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock valued at $82,277,000 after acquiring an additional 122,146 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of 1st Source by 191.1% during the first quarter. SG Americas Securities LLC now owns 32,378 shares of the financial services provider’s stock worth $2,241,000 after purchasing an additional 21,254 shares in the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.