1st Source (NASDAQ:SRCE) Trading Down 3.5% - What's Next?

1st Source Co. (NASDAQ:SRCE - Get Free Report) was down 3.5% during mid-day trading on Friday . The company traded as low as $57.16 and last traded at $57.39. Approximately 4,611 shares changed hands during trading, a decline of 94% from the average daily volume of 71,805 shares. The stock had previously closed at $59.49.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Piper Sandler lowered shares of 1st Source from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Trading Down 3.4 %

The firm has a market capitalization of $1.41 billion, a PE ratio of 11.97 and a beta of 0.78. The firm has a 50 day simple moving average of $59.50 and a 200 day simple moving average of $55.53. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. The company had revenue of $97.93 million for the quarter, compared to analysts' expectations of $97.30 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same period last year, the firm posted $1.32 earnings per share. Equities analysts expect that 1st Source Co. will post 5.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 1st Source

Several institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. Isthmus Partners LLC boosted its stake in shares of 1st Source by 3.0% in the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider's stock worth $36,000 after buying an additional 1,943 shares during the last quarter. LRI Investments LLC purchased a new position in 1st Source in the first quarter worth about $48,000. nVerses Capital LLC grew its stake in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 600 shares during the period. CWM LLC grew its stake in shares of 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider's stock valued at $73,000 after purchasing an additional 1,198 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 182 shares during 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.