1st Source’s (SRCE) “Buy (B)” Rating Reaffirmed at Weiss Ratings

Weiss Ratings reissued their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a report issued on Saturday morning,Weiss Ratings reports.

Other equities research analysts have also recently issued research reports about the company. 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 report on Monday, January 27th. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $72.50 in a research note on Monday, January 27th.

1st Source Stock Up 1.2 %

Shares of SRCE stock opened at $62.23 on Friday. The firm’s fifty day moving average price is $62.51 and its two-hundred day moving average price is $61.47. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.53 billion, a P/E ratio of 11.61 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, equities analysts predict that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a yield of 2.31%. 1st Source’s dividend payout ratio is presently 26.87%.

Institutional Investors Weigh In On 1st Source

Hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its position in 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in 1st Source by 625.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock worth $1,989,000 after purchasing an additional 28,648 shares during the last quarter. State Street Corp lifted its position in shares of 1st Source by 1.7% in the 3rd quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after purchasing an additional 9,235 shares during the period. Barclays PLC boosted its stake in shares of 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after purchasing an additional 24,470 shares during the period. 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.