Piper Sandler Downgrades 1st Source (NASDAQ:SRCE) to Neutral

1st Source (NASDAQ:SRCE) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Monday, Marketbeat.com reports. They presently have a $67.50 target price on the financial services provider’s stock, up from their prior target price of $60.00. Piper Sandler’s price objective would indicate a potential upside of 4.60% from the stock’s previous close.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $64.53 on Monday. 1st Source has a one year low of $40.96 and a one year high of $65.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 12.98 and a beta of 0.80. The firm has a 50 day simple moving average of $53.98 and a 200 day simple moving average of $51.97.

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

Insider Activity

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

Hedge Funds Weigh In On 1st Source

Several large investors have recently added to or reduced their stakes in SRCE. Vanguard Group Inc. lifted its position in 1st Source by 1.4% in the 3rd 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 4th quarter worth approximately $188,000. Indiana Trust & Investment Management CO lifted its position in shares of 1st Source by 68.9% during the 4th quarter. Indiana Trust & Investment Management CO now owns 44,588 shares of the financial services provider’s stock worth $2,450,000 after buying an additional 18,187 shares in the last quarter. Boston Trust Walden Corp raised its holdings in shares of 1st Source by 5.3% in the 4th quarter. Boston Trust Walden Corp now owns 439,272 shares of the financial services provider’s stock worth $24,138,000 after purchasing an additional 22,176 shares during the period. Finally, Harbour Trust & Investment Management Co purchased a new position in 1st Source in the fourth quarter valued at approximately $218,000. 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.