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

Key Points

• 1st Source (SRCE) has had its "buy (B-)" rating reaffirmed by Weiss Ratings, indicating continued analyst confidence in the stock.
• Recent price targets from other firms show a range of optimism, with Piper Sandler raising their target to $80.00 while Keefe, Bruyette & Woods increased theirs to $69.00.
• 1st Source reported strong quarterly earnings, with $1.51 earnings per share (EPS) exceeding expectations, contributing to a net margin of 24.02% and a return on equity of 11.94%.

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

A number of other research analysts have also issued reports on the stock. Piper Sandler raised their target price on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. DA Davidson raised their target price on shares of 1st Source from $65.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $69.00 target price (up from $67.00) on shares of 1st Source in a research note on Monday, July 28th.

1st Source Stock Up 0.7%

Shares of 1st Source stock traded up $0.46 during trading on Thursday, hitting $61.66. 3,892 shares of the stock traded hands, compared to its average volume of 95,660. The company has a fifty day moving average price of $61.76 and a two-hundred day moving average price of $61.19. 1st Source has a twelve month low of $52.14 and a twelve month high of $68.13. The stock has a market cap of $1.51 billion, a P/E ratio of 10.80 and a beta of 0.71. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97.

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

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 5th. 1st Source's payout ratio is 26.62%.

Institutional Trading of 1st Source

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock valued at $63,883,000 after purchasing an additional 140,698 shares during the last quarter. Nuveen LLC bought a new position in 1st Source during the 1st quarter valued at about $7,012,000. Hotchkis & Wiley Capital Management LLC lifted its holdings in 1st Source by 157.4% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider's stock valued at $9,061,000 after purchasing an additional 92,650 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in 1st Source by 154.4% during the 4th quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock valued at $8,116,000 after purchasing an additional 84,378 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in 1st Source by 95.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 161,602 shares of the financial services provider's stock valued at $10,031,000 after purchasing an additional 78,994 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.