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

1st Source (NASDAQ:SRCE - Get Free Report)'s stock had its "buy (b)" rating reiterated by investment analysts at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Several other research firms have also recently weighed in on SRCE. Keefe, Bruyette & Woods boosted their target price 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. Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $70.00 to $72.50 in a research report on Monday, January 27th.

1st Source Stock Up 0.5 %

Shares of NASDAQ:SRCE traded up $0.34 during trading hours on Friday, reaching $62.73. The stock had a trading volume of 62,282 shares, compared to its average volume of 82,981. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13. The firm's 50 day moving average is $61.63 and its 200-day moving average is $61.39. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 11.70 and a beta of 0.78. 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 (NASDAQ:SRCE - Get Free Report) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Research analysts predict that 1st Source will post 5.82 earnings per share for the current fiscal year.

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Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its holdings in shares of 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 period. State Street Corp boosted its stake in 1st Source by 1.7% during 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. 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 purchasing an additional 28,648 shares during the last quarter. Barclays PLC grew its position in 1st Source by 162.2% during 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 last quarter. Finally, JPMorgan Chase & Co. increased its stake 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 period. 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.