Weiss Ratings Reaffirms Buy (B) Rating for 1st Source (NASDAQ:SRCE)

Weiss Ratings reissued their buy (b) rating on shares of 1st Source (NASDAQ:SRCE - Free Report) in a research report report published on Thursday morning,Weiss Ratings reports.

A number of other brokerages also recently commented on SRCE. Piper Sandler upgraded shares of 1st Source from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods boosted their price target on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a report on Monday, January 27th.

1st Source Stock Performance

Shares of SRCE traded down $0.66 during trading hours on Thursday, reaching $59.95. 83,799 shares of the company traded hands, compared to its average volume of 83,127. 1st Source has a 12-month low of $48.97 and a 12-month high of $68.13. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.47 billion, a P/E ratio of 11.18 and a beta of 0.67. The business has a fifty day moving average price of $59.32 and a 200-day moving average price of $61.04.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.16. The business had revenue of $104.04 million for the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Equities analysts anticipate that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.54%. This is a boost from 1st Source's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, May 5th. 1st Source's dividend payout ratio is 26.71%.

Institutional Trading of 1st Source

Several hedge funds have recently bought and sold shares of the company. Cerity Partners LLC bought a new stake in shares of 1st Source in the 1st quarter worth $610,000. Valeo Financial Advisors LLC increased its stake 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 worth $621,000 after acquiring an additional 254 shares during the last quarter. Values First Advisors Inc. lifted its holdings in shares of 1st Source by 0.9% during the 1st quarter. Values First Advisors Inc. now owns 36,138 shares of the financial services provider's stock valued at $2,163,000 after buying an additional 323 shares during the last quarter. Principal Financial Group Inc. lifted its stake in 1st Source by 3.6% in the first quarter. Principal Financial Group Inc. now owns 12,526 shares of the financial services provider's stock valued at $749,000 after acquiring an additional 430 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in 1st Source during the first quarter worth $398,000. 74.45% of the stock is currently owned by institutional investors.

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.