Weiss Ratings Reiterates “Buy (B)” Rating for 1st Source (NASDAQ:SRCE)

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

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

1st Source Trading Down 0.2 %

NASDAQ SRCE opened at $62.58 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 52 week low of $47.30 and a 52 week high of $68.13. The business has a 50 day moving average price of $60.48 and a 200-day moving average price of $60.53. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 11.68 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. As a group, equities analysts expect that 1st Source will post 5.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 1st Source

Hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its position in shares of 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 valued at $1,989,000 after purchasing an additional 28,648 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in 1st Source in the 3rd quarter worth about $1,713,000. Barclays PLC raised its holdings 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 acquiring an additional 25,687 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 1st Source by 36.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after acquiring an additional 24,470 shares during the last quarter. Finally, Jane Street Group LLC grew 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 in the last quarter. Hedge funds and other institutional investors 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.