1st Source's (SRCE) "Buy (B)" Rating Reaffirmed at Weiss Ratings

Key Points

• 1st Source's stock maintains a "Buy (B)" rating from Weiss Ratings, with a consensus rating of "Hold" and a price target of $72.00 from analysts.
• The company's recent earnings report showed an EPS of $1.51, exceeding expectations, while revenue reached $108.25 million.
• 1st Source has seen significant institutional investment growth, with 74.45% of its stock now owned by institutional investors and hedge funds.

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

Other equities research analysts have also recently issued research reports about the company. DA Davidson raised their target price on 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Piper Sandler raised their target price on 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $69.00 target price (up previously from $67.00) on shares of 1st Source in a research note on Monday, July 28th. Finally, Zacks Research cut 1st Source from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 29th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, 1st Source currently has a consensus rating of "Hold" and a consensus price target of $72.00.

1st Source Trading Down 0.2%

1st Source stock traded down $0.10 during trading on Wednesday, reaching $60.48. 12,542 shares of the company were exchanged, compared to its average volume of 92,002. The stock's 50 day simple moving average is $62.18 and its two-hundred day simple moving average is $61.02. 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 $1.48 billion, a P/E ratio of 10.58 and a beta of 0.67. 1st Source has a 52-week low of $52.14 and a 52-week high of $68.13.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Valeo Financial Advisors LLC grew its stake in 1st Source by 20.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 12,461 shares of the financial services provider's stock worth $773,000 after purchasing an additional 2,083 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock worth $104,000 after acquiring an additional 1,368 shares in the last quarter. Rafferty Asset Management LLC boosted its position in shares of 1st Source by 29.1% during the 2nd quarter. Rafferty Asset Management LLC now owns 14,320 shares of the financial services provider's stock worth $889,000 after acquiring an additional 3,227 shares in the last quarter. Man Group plc boosted its position in shares of 1st Source by 43.4% during the 2nd quarter. Man Group plc now owns 11,952 shares of the financial services provider's stock worth $742,000 after acquiring an additional 3,619 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in shares of 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 worth $1,296,000 after acquiring an additional 19,873 shares in the last quarter. 74.45% of the stock is 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.

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