1st Source (NASDAQ:SRCE) Given New $75.00 Price Target at Piper Sandler

1st Source (NASDAQ:SRCE) had its price objective upped by Piper Sandler from $72.50 to $75.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently commented on SRCE. Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Thursday, April 24th. Keefe, Bruyette & Woods lifted their price objective on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th.

1st Source Stock Up 3.7 %

SRCE stock opened at $60.05 on Monday. The stock has a market capitalization of $1.47 billion, a P/E ratio of 11.20 and a beta of 0.67. 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 has a 52 week low of $48.97 and a 52 week high of $68.13. The firm has a 50-day simple moving average of $59.49 and a 200-day simple moving average of $61.05.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. The firm had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. Equities analysts forecast that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, May 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.53%. 1st Source’s payout ratio is presently 26.71%.

Institutional Investors Weigh In On 1st Source

A number of institutional investors have recently modified their holdings of SRCE. Charles Schwab Investment Management Inc. grew its stake in 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock worth $34,616,000 after purchasing an additional 6,569 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of 1st Source by 2.6% in the 4th quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock valued at $30,349,000 after purchasing an additional 13,273 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of 1st Source by 34.3% in the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock valued at $11,901,000 after purchasing an additional 52,110 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of 1st Source by 15.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 196,617 shares of the financial services provider’s stock valued at $11,478,000 after purchasing an additional 27,025 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of 1st Source by 5.2% in the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider’s stock valued at $10,767,000 after purchasing an additional 9,165 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

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.