1st Source (NASDAQ:SRCE) Releases Earnings Results, Beats Expectations By $0.05 EPS

Posted by Matthew Jenks on Oct 25th, 2024

1st Source (NASDAQ:SRCE – Get Free Report) released its quarterly earnings data on Thursday. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05, Zacks reports. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The business had revenue of $97.93 million for the quarter, compared to analysts’ expectations of $97.30 million. During the same quarter last year, the company earned $1.32 EPS.

1st Source Price Performance

1st Source stock traded down $1.79 during trading hours on Friday, hitting $57.70. 31,889 shares of the company traded hands, compared to its average volume of 71,937. The firm has a market cap of $1.41 billion, a P/E ratio of 11.97 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09. The firm’s 50-day simple moving average is $59.50 and its two-hundred day simple moving average is $55.53. 1st Source has a 1-year low of $43.35 and a 1-year high of $65.63.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

Check Out Our Latest Analysis on 1st Source

1st Source Company Profile

(Get Free Report)

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.