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 stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Separately, Piper Sandler upped their price objective on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research note on Monday, April 28th.

1st Source Stock Down 3.7%

NASDAQ:SRCE traded down $2.32 during trading hours on Wednesday, hitting $59.66. The company's stock had a trading volume of 166,328 shares, compared to its average volume of 87,935. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 52-week low of $49.07 and a 52-week high of $68.13. The stock has a market capitalization of $1.47 billion, a P/E ratio of 11.13 and a beta of 0.68. The stock has a fifty day moving average of $59.37 and a 200-day moving average of $60.72.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings data 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. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. The company had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. On average, equities analysts forecast that 1st Source will post 5.82 earnings per share for the current year.

Institutional Investors Weigh In On 1st Source

A number of institutional investors have recently modified their holdings of SRCE. Vanguard Group Inc. raised its stake in 1st Source by 15.2% during the first quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider's stock worth $63,883,000 after acquiring an additional 140,698 shares during the period. Nuveen LLC acquired a new stake in 1st Source during the first quarter worth about $7,012,000. Hotchkis & Wiley Capital Management LLC raised its stake in 1st Source by 157.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider's stock worth $9,061,000 after acquiring an additional 92,650 shares during the period. Nuveen Asset Management LLC raised its stake in 1st Source by 154.4% during the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider's stock worth $8,116,000 after acquiring an additional 84,378 shares during the period. Finally, American Century Companies Inc. raised its stake in 1st Source by 57.8% during the first quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider's stock worth $11,290,000 after acquiring an additional 69,124 shares during the period. Institutional investors and hedge funds own 74.45% of the company's stock.

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.