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

1st Source (NASDAQ:SRCE - Get Free Report)'s stock had its "buy (b)" rating restated by research analysts at Weiss Ratings in a research note issued to investors on Saturday,Weiss Ratings reports.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler increased their price target on 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods raised their target price on 1st Source from $67.00 to $69.00 and gave the stock a "market perform" rating in a research note on Monday, January 27th.

1st Source Trading Up 0.2%

Shares of SRCE stock traded up $0.11 on Friday, hitting $62.32. The company had a trading volume of 8,300 shares, compared to its average volume of 85,046. The firm has a market cap of $1.53 billion, a P/E ratio of 11.62 and a beta of 0.69. The stock's 50-day moving average is $58.83 and its two-hundred day moving average is $61.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source has a twelve month low of $48.97 and a twelve month high of $68.13.

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

Institutional Investors Weigh In On 1st Source

Several large investors have recently added to or reduced their stakes in SRCE. Barclays PLC grew its stake in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider's stock worth $2,487,000 after purchasing an additional 25,687 shares during the period. Franklin Resources Inc. raised its position in shares of 1st Source by 7.3% during the third quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider's stock worth $663,000 after purchasing an additional 750 shares during the period. JPMorgan Chase & Co. raised its position in shares of 1st Source by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider's stock worth $5,450,000 after purchasing an additional 24,470 shares during the period. SG Americas Securities LLC raised its position in shares of 1st Source by 38.3% during the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider's stock worth $508,000 after purchasing an additional 2,411 shares during the period. Finally, R Squared Ltd acquired a new position in shares of 1st Source during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 74.45% of the company's stock.

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.