1st Source (NASDAQ:SRCE) Rating Reiterated by Keefe, Bruyette & Woods

1st Source (NASDAQ:SRCE)‘s stock had its “market perform” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a report released on Monday, Benzinga reports. They presently have a $62.00 price objective on the financial services provider’s stock, up from their previous price objective of $54.00. Keefe, Bruyette & Woods’ price objective points to a potential downside of 1.81% from the company’s current price.

Separately, Piper Sandler lowered 1st Source from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $67.50 in a research note on Monday.

1st Source Trading Down 3.6 %

Shares of NASDAQ:SRCE traded down $2.33 during trading on Monday, reaching $63.14. 29,731 shares of the company traded hands, compared to its average volume of 69,293. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.71 and a beta of 0.80. 1st Source has a 52-week low of $40.96 and a 52-week high of $65.63. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $53.49 and its 200-day moving average is $51.80.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. The firm had revenue of $144.39 million during the quarter, compared to analyst estimates of $95.80 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same quarter in the prior year, the firm posted $1.30 earnings per share. As a group, analysts forecast that 1st Source will post 4.84 EPS for the current year.

Insider Buying and Selling

In other 1st Source news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average price of $49.65 per share, with a total value of $49,650.00. Following the completion of the purchase, the director now directly owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Daniel B. Fitzpatrick acquired 1,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was acquired at an average price of $49.65 per share, with a total value of $49,650.00. Following the completion of the transaction, the director now owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the transaction, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. 19.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 1st Source

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of 1st Source by 1.4% during the third quarter. Vanguard Group Inc. now owns 842,338 shares of the financial services provider’s stock valued at $35,454,000 after acquiring an additional 12,005 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of 1st Source during the fourth quarter valued at $188,000. Indiana Trust & Investment Management CO increased its holdings in shares of 1st Source by 68.9% during the fourth quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock valued at $2,450,000 after acquiring an additional 18,187 shares in the last quarter. Boston Trust Walden Corp increased its holdings in shares of 1st Source by 5.3% during the fourth quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock valued at $24,138,000 after acquiring an additional 22,176 shares in the last quarter. Finally, Harbour Trust & Investment Management Co bought a new position in shares of 1st Source during the fourth quarter valued at $218,000. Hedge funds and other institutional investors 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.