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

Key Points

• 1st Source's stock received a "buy (B)" rating from Weiss Ratings, indicating strong investor confidence in the company's performance.
• Analyst price targets for 1st Source's shares vary, with estimates ranging from $67.00 to $80.00 based on recent reports.
• The company reported a quarterly earnings per share of $1.51, surpassing expectations and reflecting solid financial performance.

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

SRCE has been the topic of several other research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. DA Davidson boosted their target price on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Finally, Piper Sandler boosted their target price on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $72.00.

1st Source Stock Performance

NASDAQ SRCE traded down $0.72 on Friday, hitting $63.55. 13,849 shares of the company's stock were exchanged, compared to its average volume of 94,245. 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's 50-day moving average price is $62.47 and its two-hundred day moving average price is $61.06. 1st Source has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 11.11 and a beta of 0.72.

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

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source's payout ratio is 26.62%.

Institutional Trading of 1st Source

A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC raised its stake in 1st Source by 2.2% in the 1st quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 188 shares during the last quarter. Valeo Financial Advisors LLC raised its position in shares of 1st Source by 2.5% in the first quarter. Valeo Financial Advisors LLC now owns 10,378 shares of the financial services provider's stock valued at $621,000 after buying an additional 254 shares during the last quarter. Engineers Gate Manager LP lifted its stake in shares of 1st Source by 8.9% during the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider's stock valued at $231,000 after buying an additional 304 shares during the period. Aquatic Capital Management LLC boosted its position in 1st Source by 14.3% during 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 during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in 1st Source by 3.8% during the second quarter. Envestnet Asset Management Inc. now owns 8,551 shares of the financial services provider's stock worth $531,000 after acquiring an additional 317 shares during the last quarter. 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.