1st Source (NASDAQ:SRCE) Given Buy (B) Rating at Weiss Ratings

Key Points

• 1st Source's stock has been reaffirmed with a "buy (B)" rating by Weiss Ratings, indicating confidence in its performance amidst positive outlooks from various analysts.
• Analysts have set price targets for 1st Source stock, with Piper Sandler raising their target to $80.00, showcasing differing levels of optimism in the company's growth potential.
• The company reported $1.51 earnings per share in its last earnings announcement, surpassing analysts' expectations and achieving a significant revenue of $108.25 million for the quarter.

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 to clients and investors on Tuesday,Weiss Ratings reports.

A number of other research analysts have also recently commented on SRCE. Piper Sandler increased their target price on shares of 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson increased their target price on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th.

1st Source Price Performance

SRCE traded down $1.03 on Tuesday, hitting $58.79. 106,367 shares of the stock were exchanged, compared to its average volume of 74,044. 1st Source has a 12 month low of $52.14 and a 12 month high of $68.13. The business has a 50-day moving average of $61.91 and a two-hundred day moving average of $61.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 10.30 and a beta of 0.71.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The business had revenue of $108.25 million during the quarter, compared to analysts' expectations of $104.67 million. Sell-side analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of 1st Source by 3.8% in the second quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider's stock valued at $531,000 after buying an additional 317 shares during the period. Denali Advisors LLC increased its stake in shares of 1st Source by 0.5% in the second quarter. Denali Advisors LLC now owns 105,051 shares of the financial services provider's stock valued at $6,521,000 after buying an additional 500 shares during the period. VELA Investment Management LLC increased its stake in shares of 1st Source by 3.6% in the second quarter. VELA Investment Management LLC now owns 33,487 shares of the financial services provider's stock valued at $2,079,000 after buying an additional 1,156 shares during the period. Inspire Investing LLC increased its stake in shares of 1st Source by 9.3% in the second quarter. Inspire Investing LLC now owns 6,258 shares of the financial services provider's stock valued at $388,000 after buying an additional 534 shares during the period. Finally, KLP Kapitalforvaltning AS increased its stake in shares of 1st Source by 33.3% in the second quarter. KLP Kapitalforvaltning AS now owns 4,400 shares of the financial services provider's stock valued at $273,000 after buying an additional 1,100 shares during the period. Institutional investors and hedge funds 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.