1st Source (NASDAQ:SRCE) Stock Price Down 3.5% – Time to Sell?

Shares of 1st Source Co. (NASDAQ:SRCE) traded down 3.5% during trading on Friday . The company traded as low as $57.16 and last traded at $57.39. 4,611 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 71,805 shares. The stock had previously closed at $59.49.

Analysts Set New Price Targets

A number of brokerages have issued reports on SRCE. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 price objective (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Stock Performance

The company has a market capitalization of $1.41 billion, a P/E ratio of 11.97 and a beta of 0.78. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50 day moving average price is $59.50 and its 200 day moving average price is $55.53.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. The firm had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same period last year, the firm earned $1.32 earnings per share. As a group, equities analysts expect that 1st Source Co. will post 5.37 EPS for the current year.

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of 1st Source during the first quarter valued at approximately $628,000. Denali Advisors LLC increased its position in 1st Source by 31.0% in the first quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider’s stock worth $3,748,000 after buying an additional 16,900 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of 1st Source by 276.5% in the second quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider’s stock valued at $770,000 after buying an additional 10,544 shares during the period. State Board of Administration of Florida Retirement System lifted its position in shares of 1st Source by 134.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,821 shares of the financial services provider’s stock valued at $777,000 after buying an additional 8,490 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of 1st Source by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock worth $7,813,000 after acquiring an additional 12,774 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.