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

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

Separately, Piper Sandler boosted their target price on 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th.

1st Source Stock Up 0.3%

NASDAQ:SRCE opened at $61.98 on Wednesday. 1st Source has a 52 week low of $49.07 and a 52 week high of $68.13. The stock’s fifty day moving average is $59.26 and its two-hundred day moving average is $60.75. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 11.56 and a beta of 0.68. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.16. The company had revenue of $104.04 million for the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Research analysts anticipate that 1st Source will post 5.82 EPS for the current year.

Institutional Investors Weigh In On 1st Source

Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 1st Source by 18.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,241 shares of the financial services provider’s stock worth $718,000 after buying an additional 1,938 shares in the last quarter. Legato Capital Management LLC grew its holdings in 1st Source by 9.8% during the fourth quarter. Legato Capital Management LLC now owns 25,380 shares of the financial services provider’s stock worth $1,482,000 after acquiring an additional 2,255 shares during the period. Valeo Financial Advisors LLC raised its position in 1st Source by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock worth $591,000 after acquiring an additional 221 shares in the last quarter. Rhumbline Advisers lifted its holdings in 1st Source by 1.6% in the fourth quarter. Rhumbline Advisers now owns 42,233 shares of the financial services provider’s stock valued at $2,466,000 after acquiring an additional 656 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of 1st Source by 9.0% during the 4th quarter. Principal Financial Group Inc. now owns 12,096 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 1,001 shares in the last quarter. Institutional investors and hedge funds 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.