1st Source’s (SRCE) “Buy (B-)” Rating Reaffirmed at Weiss Ratings

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b-)” rating reissued by research analysts at Weiss Ratings in a report released on Thursday,Weiss Ratings reports.

A number of other research firms have also recently commented on SRCE. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th. DA Davidson boosted their target price on 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. Finally, Piper Sandler raised their price target on shares of 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, July 28th.

1st Source Price Performance

SRCE stock opened at $61.57 on Thursday. The company’s 50-day moving average price is $61.78 and its two-hundred day moving average price is $61.23. The firm has a market cap of $1.51 billion, a P/E ratio of 10.78 and a beta of 0.71. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. 1st Source has a 12 month low of $52.14 and a 12 month high of $68.13.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The business had revenue of $108.25 million for the quarter, compared to analysts’ expectations of $104.67 million. On average, analysts anticipate that 1st Source will post 5.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares during the last quarter. CX Institutional bought a new position in 1st Source in the 2nd quarter valued at approximately $63,000. Aquatic Capital Management LLC boosted its position in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock worth $147,000 after buying an additional 315 shares during the period. Financial Life Planners boosted its position in 1st Source by 239.1% during the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock worth $166,000 after buying an additional 1,963 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in 1st Source by 143.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider’s stock worth $218,000 after acquiring an additional 2,204 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

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.