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 research analysts at Weiss Ratings in a research report issued on Thursday,Weiss Ratings reports.

Several other research firms have also issued reports on SRCE. Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th.

1st Source Trading Up 3.2 %

NASDAQ:SRCE opened at $58.75 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a one year low of $48.91 and a one year high of $68.13. The company has a market cap of $1.44 billion, a PE ratio of 10.96 and a beta of 0.67. The firm has a 50-day moving average of $59.77 and a 200-day moving average of $61.03.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping the consensus estimate of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. As a group, equities research analysts expect that 1st Source will post 5.82 EPS for the current fiscal year.

Hedge Funds Weigh In On 1st Source

Several institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new position in 1st Source in the first quarter valued at about $398,000. Mirae Asset Global Investments Co. Ltd. increased its position in 1st Source by 12.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,785 shares of the financial services provider's stock worth $831,000 after buying an additional 1,544 shares during the last quarter. Financial Life Planners raised its stake in shares of 1st Source by 239.1% in the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after buying an additional 1,963 shares during the period. Fifth Third Bancorp lifted its position in shares of 1st Source by 6.8% during the 1st quarter. Fifth Third Bancorp now owns 6,164 shares of the financial services provider's stock valued at $369,000 after buying an additional 390 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of 1st Source by 2.2% during the 1st quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock worth $532,000 after acquiring an additional 188 shares during the period. Institutional investors own 74.45% of the company's stock.

About 1st Source

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.

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