1st Source (NASDAQ:SRCE) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Key Points

• 1st Source exceeded quarterly expectations, reporting EPS of $2.03 versus the $1.83 consensus estimate and revenue of $118.83 million compared with $118.11 million expected. Net margin was 28.09%, while return on equity reached 12.94%.
• Shares rose 1.5% to $87.12 following the results. The stock has a market capitalization of approximately $2.10 billion and trades at a P/E ratio of 13.36.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $89.67, although recent ratings range from Strong Buy to Hold.

1st Source (NASDAQ:SRCE - Get Free Report) posted its quarterly earnings data on Thursday. The financial services provider reported $2.03 EPS for the quarter, beating the consensus estimate of $1.83 by $0.20, FiscalAI reports. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The business had revenue of $118.83 million during the quarter, compared to analyst estimates of $118.11 million.

1st Source Stock Up 1.5%

Shares of SRCE traded up $1.31 during midday trading on Thursday, hitting $87.12. The company had a trading volume of 96,997 shares, compared to its average volume of 128,788. The company's 50-day simple moving average is $86.00 and its 200-day simple moving average is $81.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $2.10 billion, a P/E ratio of 13.36 and a beta of 0.57. 1st Source has a 1 year low of $58.49 and a 1 year high of $91.46.

Insider Activity at 1st Source

In related news, CFO Brett Bauer sold 500 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the sale, the chief financial officer directly owned 30,706 shares in the company, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 20.17% of the company's stock.

Wall Street Analyst Weigh In

SRCE has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $79.00 to $82.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Piper Sandler increased their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. DA Davidson raised their price target on shares of 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings upgraded shares of 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, October 8th. Finally, Zacks Research lowered 1st Source from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, 1st Source currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.67.

1st Source Company Profile

1st Source Corporation NASDAQ: SRCE is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.

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