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

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

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler upped their price target 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. Keefe, Bruyette & Woods upped their price target 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.

1st Source Stock Down 0.4%

Shares of 1st Source stock opened at $61.24 on Friday. The company has a market cap of $1.50 billion, a P/E ratio of 11.43 and a beta of 0.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source has a one year low of $48.97 and a one year high of $68.13. The firm has a fifty day moving average of $58.83 and a two-hundred day moving average of $61.06.

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

Hedge Funds Weigh In On 1st Source

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in 1st Source by 15.2% in the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock valued at $63,883,000 after acquiring an additional 140,698 shares during the last quarter. Nuveen Asset Management LLC grew 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 acquiring an additional 84,378 shares during the last quarter. Millennium Management LLC grew its stake in 1st Source by 34.3% in the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock valued at $11,901,000 after acquiring an additional 52,110 shares during the last quarter. Norges Bank acquired a new stake in 1st Source in the 4th quarter valued at about $2,984,000. Finally, JPMorgan Chase & Co. grew its stake in 1st Source by 35.4% in the 4th quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after acquiring an additional 32,257 shares during the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

About 1st Source

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.