1st Source’s (SRCE) Buy (B) Rating Reiterated at Weiss Ratings

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b)” rating restated by equities researchers at Weiss Ratings in a research note issued to investors on Saturday,Weiss Ratings reports.

A number of other research firms have also weighed in on SRCE. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and raised their price target for the company from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods boosted their price objective on 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

1st Source Price Performance

1st Source stock opened at $62.58 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $1.53 billion, a P/E ratio of 11.68 and a beta of 0.81. 1st Source has a one year low of $47.30 and a one year high of $68.13. The business has a fifty day moving average of $60.48 and a two-hundred day moving average of $60.53.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. As a group, analysts predict that 1st Source will post 5.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in 1st Source during the third quarter worth $377,000. CWM LLC boosted its holdings in shares of 1st Source by 122.7% in the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock valued at $182,000 after buying an additional 1,672 shares during the period. Inspire Investing LLC lifted its holdings in shares of 1st Source by 4.4% in the third quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock valued at $414,000 after purchasing an additional 293 shares in the last quarter. nVerses Capital LLC grew its holdings in shares of 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 600 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 1st Source by 12.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,303 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 1,125 shares during 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.