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 reaffirmed by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

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

1st Source Trading Down 3.7%

Shares of 1st Source stock traded down $2.32 on Wednesday, reaching $59.66. 166,328 shares of the company were exchanged, compared to its average volume of 88,166. 1st Source has a fifty-two week low of $49.14 and a fifty-two week high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.13 and a beta of 0.68. The stock has a fifty day moving average price of $59.37 and a 200-day moving average price of $60.69.

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 analysts' consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. The business had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. On average, analysts expect that 1st Source will post 5.82 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp raised its stake in 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider's stock valued at $71,000 after buying an additional 465 shares during the period. Picton Mahoney Asset Management increased its stake in 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider's stock worth $111,000 after acquiring an additional 977 shares during the period. Aquatic Capital Management LLC increased its stake in 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider's stock worth $147,000 after acquiring an additional 315 shares during the period. Financial Life Planners increased its stake in shares of 1st Source by 239.1% in the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock valued at $166,000 after purchasing an additional 1,963 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of 1st Source by 143.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,738 shares of the financial services provider's stock valued at $218,000 after purchasing an additional 2,204 shares during 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.