1st Source (NASDAQ:SRCE) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Key Points

• 1st Source Corporation reported **$1.71 earnings per share**, beating analysts' expectations by **$0.12** in their latest quarterly results.
• The company's stock declined by **2.1%**, trading at **$58.88**, with a market capitalization of approximately **$1.44 billion**.
• Analysts have adjusted their price targets for 1st Source, with Piper Sandler setting a new target of **$80.00**, indicating an overall consensus rating of **"Hold"** with an average target price of **$72.00**.

1st Source (NASDAQ:SRCE - Get Free Report) announced its earnings results on Thursday. The financial services provider reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.59 by $0.12, Zacks reports. 1st Source had a net margin of 24.02% and a return on equity of 11.94%.

1st Source Stock Down 2.1%

1st Source stock traded down $1.25 during mid-day trading on Thursday, reaching $58.88. The stock had a trading volume of 92,493 shares, compared to its average volume of 91,686. 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 company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 10.31 and a beta of 0.67. 1st Source has a one year low of $52.14 and a one year high of $68.13. The company has a 50-day moving average price of $62.11 and a two-hundred day moving average price of $60.98.

Analysts Set New Price Targets

Several analysts have weighed in on SRCE shares. Piper Sandler lifted their price objective on 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. DA Davidson upped their price target on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Zacks Research cut shares of 1st Source from a "strong-buy" rating to a "hold" rating in a report on Monday, September 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $69.00 target price (up from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of 1st Source in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $72.00.

Hedge Funds Weigh In On 1st Source

A number of hedge funds have recently added to or reduced their stakes in SRCE. Tower Research Capital LLC TRC raised its stake in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock worth $104,000 after purchasing an additional 1,368 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in 1st Source by 29.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 14,320 shares of the financial services provider's stock worth $889,000 after buying an additional 3,227 shares in the last quarter. Man Group plc raised its position in 1st Source by 43.4% in the 2nd quarter. Man Group plc now owns 11,952 shares of the financial services provider's stock worth $742,000 after buying an additional 3,619 shares during the last quarter. Lazard Asset Management LLC lifted its stake in 1st Source by 1,948.3% during the 2nd quarter. Lazard Asset Management LLC now owns 20,893 shares of the financial services provider's stock valued at $1,296,000 after acquiring an additional 19,873 shares during the period. Finally, Engineers Gate Manager LP grew its stake in shares of 1st Source by 8.9% in the second quarter. Engineers Gate Manager LP now owns 3,726 shares of the financial services provider's stock worth $231,000 after acquiring an additional 304 shares during the period. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.