1st Source's (SRCE) Buy (B) Rating Reiterated at Weiss Ratings

Weiss Ratings reissued their buy (b) rating on shares of 1st Source (NASDAQ:SRCE - Free Report) in a research note released on Tuesday morning,Weiss Ratings reports.

Several other research analysts also recently weighed in on the company. Piper Sandler raised 1st Source from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $70.00 to $72.50 in a research note 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 research note on Monday, January 27th.

1st Source Price Performance

SRCE stock traded down $0.28 on Tuesday, reaching $53.42. The company had a trading volume of 63,243 shares, compared to its average volume of 80,938. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The company's fifty day moving average is $61.72 and its 200 day moving average is $61.26. The company has a market cap of $1.31 billion, a P/E ratio of 9.97 and a beta of 0.67. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, topping 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%. On average, research analysts forecast that 1st Source will post 5.82 earnings per share for the current year.

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1st Source Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were paid a dividend of $0.36 per share. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.70%. 1st Source's dividend payout ratio is presently 26.87%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. R Squared Ltd purchased a new position in shares of 1st Source in the 4th quarter worth about $40,000. Financial Life Planners purchased a new position in 1st Source in the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp lifted its position in 1st Source by 61.4% during the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock valued at $71,000 after buying an additional 465 shares in the last quarter. Picton Mahoney Asset Management grew its stake in 1st Source by 105.6% during the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock worth $111,000 after buying an additional 977 shares during the period. Finally, Aquatic Capital Management LLC increased its position in shares of 1st Source by 14.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after acquiring an additional 315 shares in the last quarter. 74.45% of the stock is owned by hedge funds and other 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.