1st Source (NASDAQ:SRCE) Earns Market Perform Rating from Keefe, Bruyette & Woods

1st Source (NASDAQ:SRCE)‘s stock had its “market perform” rating reiterated by equities researchers at Keefe, Bruyette & Woods in a report issued 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 target points to a potential downside of 1.81% from the stock’s previous close.

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

1st Source Stock Performance

Shares of SRCE stock traded down $2.33 during trading on Monday, reaching $63.14. The company had a trading volume of 29,731 shares, compared to its average volume of 69,293. The firm’s 50 day simple moving average is $53.49 and its two-hundred day simple moving average is $51.80. 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 capitalization of $1.55 billion, a PE ratio of 12.71 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last released 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 net margin of 23.23% and a return on equity of 12.02%. The company had revenue of $144.39 million for the quarter, compared to analyst estimates of $95.80 million. During the same quarter last year, the firm posted $1.30 earnings per share. Sell-side analysts forecast that 1st Source will post 4.84 earnings per share for the current year.

Insider Transactions at 1st Source

In related news, EVP Jeffrey L. Buhr sold 1,925 shares of the 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 in the company, valued at $3,473,744.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other 1st Source news, EVP Jeffrey L. Buhr sold 1,925 shares of the company’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 value of $97,867.00. Following the completion of the transaction, the executive vice president now owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel B. Fitzpatrick acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the acquisition, the director now directly owns 48,542 shares in the company, valued at approximately $2,410,110.30. The disclosure for this purchase can be found here. Insiders own 19.30% of the company’s stock.

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently made changes to their positions in the business. Frazier Financial Advisors LLC bought a new stake in 1st Source in the fourth quarter valued at about $27,000. LRI Investments LLC acquired a new stake in 1st Source during the first quarter valued at approximately $48,000. CWM LLC grew its stake in shares of 1st Source by 726.1% in the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 1,198 shares during the period. New York State Teachers Retirement System acquired a new position in shares of 1st Source in the 1st quarter worth approximately $78,000. Finally, PNC Financial Services Group Inc. lifted its position 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 buying an additional 218 shares during the period. Institutional investors and hedge funds 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.