1st Source (NASDAQ:SRCE) Releases Earnings Results, Beats Expectations By $0.24 EPS

Key Points

• 1st Source beat earnings expectations for the quarter, reporting $1.95 EPS versus the $1.71 consensus estimate, a surprise of $0.24 per share.
• Revenue also topped forecasts, coming in at $118.16 million compared with analysts’ estimate of $114.13 million.
• The stock rose on the news to $83.18, while analysts currently hold a Moderate Buy rating on the shares with a consensus target price of $77.00.

1st Source (NASDAQ:SRCE - Get Free Report) issued its earnings results on Thursday. The financial services provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.71 by $0.24, FiscalAI reports. The firm had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a return on equity of 12.39% and a net margin of 26.66%.

1st Source Price Performance

Shares of 1st Source stock traded up $0.34 on Thursday, hitting $83.18. The company's stock had a trading volume of 190,950 shares, compared to its average volume of 133,551. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 12.76 and a beta of 0.58. 1st Source has a 1 year low of $56.89 and a 1 year high of $86.64. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a fifty day moving average price of $78.04 and a 200-day moving average price of $72.31.

Analyst Ratings Changes

A number of brokerages have issued reports on SRCE. Piper Sandler boosted their price target on 1st Source from $83.00 to $88.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of 1st Source in a research note on Thursday, July 2nd. Finally, DA Davidson reaffirmed a "neutral" rating and set a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, 1st Source has an average rating of "Moderate Buy" and a consensus target price of $77.00.

Institutional Trading of 1st Source

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in shares of 1st Source by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 690,590 shares of the financial services provider's stock valued at $43,155,000 after buying an additional 8,614 shares in the last quarter. Geode Capital Management LLC increased its holdings in 1st Source by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 498,781 shares of the financial services provider's stock worth $31,173,000 after acquiring an additional 14,643 shares in the last quarter. Janus Henderson Group PLC raised its position in 1st Source by 49.3% during the fourth quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider's stock worth $20,965,000 after acquiring an additional 110,711 shares during the period. UBS Group AG raised its position in 1st Source by 54.9% during the third quarter. UBS Group AG now owns 243,630 shares of the financial services provider's stock worth $14,998,000 after acquiring an additional 86,322 shares during the period. Finally, Millennium Management LLC lifted its holdings in 1st Source by 18.9% during the first quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock valued at $14,502,000 after purchasing an additional 38,610 shares in the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.

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