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

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

SRCE has been the subject of a number of other research reports. Piper Sandler raised 1st Source from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods lifted their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th.

1st Source Trading Down 1.3 %

Shares of SRCE opened at $65.60 on Wednesday. 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 firm has a market cap of $1.61 billion, a P/E ratio of 12.24 and a beta of 0.81. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The business has a 50-day moving average of $60.83 and a 200 day moving average of $60.84.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. R Squared Ltd bought a new stake in 1st Source in the 4th quarter worth approximately $40,000. Financial Life Planners bought a new stake in 1st Source in the 4th quarter worth approximately $48,000. Jones Financial Companies Lllp lifted its position in 1st Source by 61.4% in the 4th quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the last quarter. New York State Teachers Retirement System lifted its position in 1st Source by 12.2% in the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after buying an additional 182 shares during the last quarter. Finally, Picton Mahoney Asset Management lifted its position in 1st Source by 105.6% in the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after buying an additional 977 shares during the last quarter. Hedge funds and other institutional investors 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.