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

1st Source (NASDAQ:SRCEGet Free Report)‘s stock had its “buy (b)” rating reaffirmed by equities research analysts at Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Piper Sandler lifted their price objective on shares of 1st Source from $72.50 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, April 28th.

Get Our Latest Research Report on SRCE

1st Source Stock Performance

Shares of SRCE opened at $60.13 on Friday. The firm’s 50 day moving average is $58.90 and its 200-day moving average is $61.10. The stock has a market capitalization of $1.48 billion, a P/E ratio of 11.22 and a beta of 0.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a 12-month low of $48.97 and a 12-month high of $68.13.

1st Source (NASDAQ:SRCEGet Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.16. The company had revenue of $104.04 million for the quarter, compared to analysts’ expectations of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities research analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of 1st Source by 15.2% in the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock worth $63,883,000 after buying an additional 140,698 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of 1st Source by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 612,000 shares of the financial services provider’s stock worth $36,604,000 after buying an additional 19,059 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of 1st Source by 2.6% in the fourth quarter. Alliancebernstein L.P. now owns 519,846 shares of the financial services provider’s stock worth $30,349,000 after buying an additional 13,273 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of 1st Source by 0.9% in the first quarter. The Manufacturers Life Insurance Company now owns 262,475 shares of the financial services provider’s stock worth $15,699,000 after buying an additional 2,355 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of 1st Source by 18.9% during the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider’s stock worth $14,502,000 after purchasing an additional 38,610 shares during the period. 74.45% of the stock is currently owned by institutional investors and hedge funds.

About 1st Source

(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.

Further Reading

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