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

Piper Sandler cut shares of 1st Source (NASDAQ:SRCE) from an overweight rating to a neutral rating in a report issued on Monday morning, MarketBeat.com reports. The firm currently has $67.50 price objective on the financial services provider’s stock, up from their previous price objective of $60.00.

1st Source Stock Performance

NASDAQ:SRCE opened at $62.49 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. 1st Source has a 12-month low of $40.96 and a 12-month high of $65.63. The stock has a 50-day moving average price of $54.47 and a 200 day moving average price of $52.12. The stock has a market capitalization of $1.53 billion, a P/E ratio of 12.57 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.24. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The firm had revenue of $144.39 million during the quarter, compared to analysts’ expectations of $95.80 million. During the same quarter last year, the business posted $1.30 earnings per share. Equities research analysts forecast that 1st Source will post 5.06 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.30%. The ex-dividend date is Monday, August 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio (DPR) is currently 27.36%.

Insider Buying and Selling at 1st Source

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

Institutional Investors Weigh In On 1st Source

Several institutional investors have recently modified their holdings of the stock. Frazier Financial Advisors LLC bought a new stake in shares of 1st Source during the 4th quarter worth approximately $27,000. LRI Investments LLC bought a new stake in shares of 1st Source during the 1st quarter worth approximately $48,000. CWM LLC lifted its stake in shares of 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares during the last quarter. New York State Teachers Retirement System bought a new stake in shares of 1st Source during the 1st quarter worth approximately $78,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 218 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

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.