1st Source Corporation (SRCE) Given a $55.00 Price Target by Piper Jaffray Companies Analysts
Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation (NASDAQ:SRCE) in a research note released on Wednesday morning. The firm currently has a buy rating on the financial services provider’s stock.
A number of other research analysts also recently commented on SRCE. Zacks Investment Research raised shares of 1st Source Corporation from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods reissued a hold rating and issued a $47.00 price objective on shares of 1st Source Corporation in a research report on Sunday, July 23rd. BidaskClub raised shares of 1st Source Corporation from a sell rating to a hold rating in a research report on Saturday, June 10th. Finally, ValuEngine raised shares of 1st Source Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $52.33.
Shares of 1st Source Corporation (NASDAQ:SRCE) opened at 48.62 on Wednesday. 1st Source Corporation has a 12-month low of $33.27 and a 12-month high of $50.78. The company has a market capitalization of $1.26 billion, a PE ratio of 20.33 and a beta of 1.03. The firm’s 50-day moving average is $48.52 and its 200-day moving average is $46.83.
1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. 1st Source Corporation had a net margin of 21.41% and a return on equity of 9.14%. The company had revenue of $70 million during the quarter, compared to the consensus estimate of $68.90 million. On average, equities research analysts anticipate that 1st Source Corporation will post $2.59 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, August 7th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Thursday, August 3rd. 1st Source Corporation’s payout ratio is 31.80%.
Several hedge funds have recently made changes to their positions in SRCE. Karp Capital Management Corp bought a new stake in shares of 1st Source Corporation during the first quarter valued at approximately $206,000. Virginia Retirement Systems ET AL bought a new stake in shares of 1st Source Corporation during the first quarter valued at approximately $211,000. Citadel Advisors LLC bought a new stake in shares of 1st Source Corporation during the first quarter valued at approximately $225,000. Aperio Group LLC increased its stake in shares of 1st Source Corporation by 16.1% in the second quarter. Aperio Group LLC now owns 5,104 shares of the financial services provider’s stock valued at $245,000 after buying an additional 709 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of 1st Source Corporation by 11.6% in the first quarter. Bank of America Corp DE now owns 5,974 shares of the financial services provider’s stock valued at $280,000 after buying an additional 620 shares during the last quarter. 69.68% of the stock is owned by institutional investors and hedge funds.
1st Source Corporation Company Profile
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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