1st Source's (SRCE) "Buy (B-)" Rating Reiterated at Weiss Ratings

1st Source (NASDAQ:SRCE - Get Free Report)'s stock had its "buy (b-)" rating reiterated by investment analysts at Weiss Ratings in a note issued to investors on Friday,Weiss Ratings reports.

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

1st Source Stock Up 3.6%

NASDAQ SRCE traded up $2.21 during mid-day trading on Friday, reaching $64.28. 109,946 shares of the company's stock traded hands, compared to its average volume of 90,793. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. 1st Source has a 1-year low of $51.80 and a 1-year high of $68.13. The company has a fifty day simple moving average of $60.82 and a 200-day simple moving average of $60.39. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 11.30 and a beta of 0.68.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.16. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. The business had revenue of $104.04 million during the quarter, compared to the consensus estimate of $100.97 million. As a group, equities research analysts expect that 1st Source will post 5.82 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Deutsche Bank AG lifted its stake in 1st Source by 59.5% in the fourth quarter. Deutsche Bank AG now owns 16,626 shares of the financial services provider's stock valued at $971,000 after buying an additional 6,203 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of 1st Source by 5,970.1% in the 1st quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider's stock worth $973,000 after acquiring an additional 16,000 shares during the period. Sei Investments Co. lifted its position in 1st Source by 91.3% in the 4th quarter. Sei Investments Co. now owns 53,494 shares of the financial services provider's stock valued at $3,123,000 after purchasing an additional 25,528 shares during the last quarter. Northern Trust Corp boosted its stake in 1st Source by 5.2% during the 4th quarter. Northern Trust Corp now owns 184,434 shares of the financial services provider's stock valued at $10,767,000 after purchasing an additional 9,165 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in 1st Source by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,941 shares of the financial services provider's stock valued at $34,616,000 after purchasing an additional 6,569 shares during the period. 74.45% of the stock is currently owned by institutional investors.

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.