Piper Sandler Upgrades 1st Source (NASDAQ:SRCE) to Overweight

Piper Sandler upgraded shares of 1st Source (NASDAQ:SRCE - Free Report) from a neutral rating to an overweight rating in a research note issued to investors on Monday, MarketBeat.com reports. Piper Sandler currently has $72.50 price objective on the financial services provider's stock, up from their previous price objective of $70.00.

Separately, Weiss Ratings restated a "buy (b)" rating on shares of 1st Source in a report on Saturday, January 18th.

1st Source Stock Up 9.1 %

Shares of 1st Source stock traded up $5.25 during trading hours on Monday, reaching $62.78. 87,765 shares of the company's stock were exchanged, compared to its average volume of 62,980. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $60.81 and a two-hundred day moving average of $60.40. The stock has a market cap of $1.54 billion, a P/E ratio of 11.98 and a beta of 0.82. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. On average, sell-side analysts forecast that 1st Source will post 5.46 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be paid a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.29%. 1st Source's dividend payout ratio is currently 27.43%.

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System increased its position in 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider's stock worth $100,000 after buying an additional 182 shares during the period. Inspire Investing LLC grew its stake in shares of 1st Source by 4.4% in the third quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider's stock valued at $414,000 after acquiring an additional 293 shares in the last quarter. nVerses Capital LLC raised its stake in 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider's stock worth $60,000 after purchasing an additional 600 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in 1st Source by 1.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider's stock valued at $3,618,000 after purchasing an additional 600 shares during the period. Finally, R Squared Ltd acquired a new position in shares of 1st Source during the 4th quarter worth approximately $40,000. 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.