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 - Free Report) in a research note released on Saturday,Weiss Ratings reports.

SRCE has been the subject of several other reports. Piper Sandler raised shares of 1st Source from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods raised their price target on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a report on Monday, January 27th.

1st Source Stock Performance

Shares of NASDAQ:SRCE traded down $0.13 during mid-day trading on Friday, reaching $61.28. The company had a trading volume of 71,095 shares, compared to its average volume of 75,733. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 11.43 and a beta of 0.78. The company's 50-day moving average price is $62.66 and its 200-day moving average price is $61.49. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a one year low of $47.30 and a one year high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. As a group, equities research analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal year.

Remove Ads

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.35%. The ex-dividend date was Tuesday, February 4th. 1st Source's dividend payout ratio is 26.87%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Jane Street Group LLC increased its stake in 1st Source by 152.7% in the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider's stock valued at $2,106,000 after acquiring an additional 21,254 shares during the last quarter. Thrivent Financial for Lutherans grew its position 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 acquiring an additional 28,648 shares during the last quarter. State Street Corp increased its stake in 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 increased its stake in 1st Source by 162.2% in the 3rd 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. Finally, JPMorgan Chase & Co. lifted its position in 1st Source by 36.8% in 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. 74.45% of the stock is currently owned by institutional investors.

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.