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

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

Other equities analysts have also issued research reports about the company. Piper Sandler lifted their price target on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday. DA Davidson lifted their price target on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research note on Monday.

1st Source Price Performance

Shares of NASDAQ SRCE opened at $60.70 on Tuesday. The stock has a market capitalization of $1.49 billion, a PE ratio of 10.63 and a beta of 0.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The business has a fifty day moving average price of $61.95 and a two-hundred day moving average price of $61.09. 1st Source has a fifty-two week low of $52.14 and a fifty-two week 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 for the quarter, beating the consensus estimate of $1.49 by $0.02. The firm had revenue of $108.25 million during the quarter, compared to analysts’ expectations of $104.67 million. 1st Source had a return on equity of 11.94% and a net margin of 24.02%. As a group, equities analysts predict 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 SRCE. Vanguard Group Inc. grew its position in 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after acquiring an additional 140,698 shares during the last quarter. Nuveen LLC bought a new stake in 1st Source during the 1st quarter worth $7,012,000. Hotchkis & Wiley Capital Management LLC grew its position in 1st Source by 157.4% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider’s stock worth $9,061,000 after acquiring an additional 92,650 shares during the last quarter. Nuveen Asset Management LLC grew its position in 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock worth $8,116,000 after acquiring an additional 84,378 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of 1st Source by 57.8% in the 1st quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider’s stock valued at $11,290,000 after buying an additional 69,124 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.