Weiss Ratings Reiterates 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.

Weiss Ratings reissued their buy (b) rating on shares of 1st Source (NASDAQ:SRCE - Free Report) in a research note published on Saturday, September 13th,Weiss Ratings reports.

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

1st Source Stock Down 2.4%

NASDAQ:SRCE traded down $1.56 during trading hours on Friday, hitting $63.65. The stock had a trading volume of 258,062 shares, compared to its average volume of 66,949. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. 1st Source has a 1-year low of $52.14 and a 1-year high of $68.13. The business has a 50 day simple moving average of $62.47 and a two-hundred day simple moving average of $61.01. The company has a market cap of $1.56 billion, a PE ratio of 11.15 and a beta of 0.72.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.49 by $0.02. The business had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. Analysts predict that 1st Source will post 5.82 EPS for the current year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Tuesday, August 5th. 1st Source's payout ratio is presently 26.62%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SRCE. EverSource Wealth Advisors LLC boosted its holdings 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 worth $27,000 after buying an additional 371 shares during the period. CX Institutional acquired a new position in shares of 1st Source in the second quarter worth about $63,000. Tower Research Capital LLC TRC boosted its holdings in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock worth $104,000 after buying an additional 1,368 shares during the period. Financial Life Planners boosted its holdings in shares of 1st Source by 239.1% in the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider's stock worth $166,000 after buying an additional 1,963 shares during the period. Finally, Curi Capital LLC acquired a new position in shares of 1st Source in the second quarter worth about $205,000. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.