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

Key Points

• Weiss Ratings has reaffirmed its "buy (B)" rating for 1st Source (NASDAQ:SRCE), indicating strong confidence in the company's performance.
• 1st Source's stock experienced a slight decline of 0.1%, with a current trading price of $63.30, amidst an average price target set at $72.00.
• In its latest earnings report, 1st Source reported earnings of $1.51 EPS, surpassing analyst expectations and demonstrating robust revenue of $108.25 million.

1st Source (NASDAQ:SRCE - Get Free Report)'s stock had its "buy (b)" rating restated by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Saturday,Weiss Ratings reports.

A number of other analysts have also recently commented on SRCE. DA Davidson lifted their target price on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $69.00 price target (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th. Finally, Piper Sandler boosted their price objective on shares of 1st Source from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, 1st Source has an average rating of "Hold" and a consensus price target of $72.00.

1st Source Stock Down 0.1%

1st Source stock opened at $63.30 on Friday. 1st Source has a 1-year low of $52.14 and a 1-year high of $68.13. The business has a fifty day moving average price of $62.55 and a 200-day moving average price of $60.97. 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 stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 11.09 and a beta of 0.72.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating analysts' consensus estimates 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%. Equities research analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

Hedge Funds Weigh In On 1st Source

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its position in shares of 1st Source by 562.1% in the second quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 371 shares in the last quarter. CX Institutional acquired a new position in 1st Source during the second quarter worth $63,000. Tower Research Capital LLC TRC grew its holdings in 1st Source by 435.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock valued at $104,000 after buying an additional 1,368 shares in the last quarter. 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 worth $166,000 after acquiring an additional 1,963 shares during the last quarter. Finally, Curi Capital LLC purchased a new position in shares of 1st Source during the 2nd quarter worth $205,000. Institutional investors and hedge funds own 74.45% of the company's stock.

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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