Weiss Ratings Reiterates “Buy (B-)” Rating for 1st Source (NASDAQ:SRCE)

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b-)” rating reiterated by Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Separately, Piper Sandler raised their target price on shares of 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a report on Monday, April 28th.

1st Source Price Performance

Shares of 1st Source stock opened at $61.84 on Friday. 1st Source has a twelve month low of $51.80 and a twelve month high of $68.13. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.08. The company has a 50-day simple moving average of $60.50 and a two-hundred day simple moving average of $60.42. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 10.87 and a beta of 0.68.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a net margin of 24.17% and a return on equity of 12.26%. The business had revenue of $104.04 million during the quarter, compared to analysts’ expectations of $100.97 million. Analysts forecast that 1st Source will post 5.82 EPS for the current year.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently bought and sold shares of the company. Deutsche Bank AG increased its holdings in 1st Source by 59.5% in the 4th quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider’s stock valued at $971,000 after buying an additional 6,203 shares during the period. GAMMA Investing LLC increased its holdings in 1st Source by 5,970.1% in the 1st quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider’s stock valued at $973,000 after buying an additional 16,000 shares during the period. Sei Investments Co. grew its holdings in shares of 1st Source by 91.3% during the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider’s stock valued at $3,123,000 after purchasing an additional 25,528 shares during the last quarter. Northern Trust Corp grew its holdings in shares of 1st Source by 5.2% during the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider’s stock valued at $10,767,000 after purchasing an additional 9,165 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider’s stock valued at $34,616,000 after purchasing an additional 6,569 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.