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

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

Several other research analysts also recently weighed in on SRCE. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and upped their target price for the company from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods upped their price objective on shares of 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research report on Monday, January 27th.

1st Source Stock Down 0.2 %

Shares of 1st Source stock opened at $62.58 on Friday. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 11.68 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. The company has a fifty day moving average price of $60.48 and a 200 day moving average price of $60.53.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping 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 research analysts forecast that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Tuesday, February 4th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.30%. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

Institutional Investors Weigh In On 1st Source

Institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans raised its stake in 1st Source by 625.6% during the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in 1st Source during the third quarter worth $1,713,000. Barclays PLC boosted its holdings in 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares during the period. JPMorgan Chase & Co. increased its stake in 1st Source by 36.8% during the third 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 last quarter. Finally, Jane Street Group LLC raised its holdings in shares of 1st Source by 152.7% during the third 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 period. Institutional investors and hedge funds own 74.45% of the company’s stock.

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.