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

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

Other equities analysts have also recently issued research reports about the company. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods raised their price objective 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 Price Performance

SRCE stock opened at $65.02 on Wednesday. The stock has a 50-day moving average price of $60.86 and a two-hundred day moving average price of $60.87. The stock has a market cap of $1.59 billion, a PE ratio of 12.13 and a beta of 0.81. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13.

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

Institutional Investors Weigh In On 1st Source

Several hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 1st Source by 37.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,596 shares of the financial services provider’s stock valued at $1,494,000 after purchasing an additional 6,911 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in 1st Source in the 4th quarter valued at about $793,000. Two Sigma Advisers LP lifted its stake in 1st Source by 11.4% in the 4th quarter. Two Sigma Advisers LP now owns 16,550 shares of the financial services provider’s stock valued at $966,000 after purchasing an additional 1,700 shares during the last quarter. ProShare Advisors LLC lifted its stake in 1st Source by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 5,169 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 1,701 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in 1st Source by 154.4% in the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock valued at $8,116,000 after purchasing an additional 84,378 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.