1st Source (NASDAQ:SRCE) Upgraded at Zacks Research

1st Source (NASDAQ:SRCE) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other analysts have also commented on the company. Piper Sandler raised their price objective on 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday. Keefe, Bruyette & Woods upped their target price on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. Finally, DA Davidson lifted their price target on shares of 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.67.

1st Source Trading Down 0.4%

SRCE stock opened at $90.30 on Tuesday. The company’s 50-day simple moving average is $79.55 and its 200-day simple moving average is $73.15. 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 has a 52-week low of $56.89 and a 52-week high of $91.46. The firm has a market cap of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. The firm had revenue of $118.16 million during the quarter, compared to analyst estimates of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. As a group, equities analysts forecast that 1st Source will post 7.26 EPS for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several large investors have recently bought and sold shares of SRCE. Janus Henderson Group PLC raised its holdings in shares of 1st Source by 37.4% during the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after acquiring an additional 125,248 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 1st Source by 10.2% in the fourth quarter. Vanguard Group Inc. now owns 1,316,642 shares of the financial services provider’s stock worth $82,277,000 after acquiring an additional 122,146 shares during the last quarter. UBS Group AG boosted its stake in shares of 1st Source by 54.9% in the third quarter. UBS Group AG now owns 243,630 shares of the financial services provider’s stock worth $14,998,000 after acquiring an additional 86,322 shares during the last quarter. Qube Research & Technologies Ltd increased its position in shares of 1st Source by 95.6% during the second quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 78,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of 1st Source by 52.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 168,703 shares of the financial services provider’s stock worth $10,542,000 after purchasing an additional 58,135 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Company Profile

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.