1st Source’s (SRCE) Buy (B) Rating Reiterated at Weiss Ratings

Weiss Ratings reiterated their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a research report released on Saturday morning,Weiss Ratings reports.

SRCE has been the subject of several other reports. Keefe, Bruyette & Woods upped their target price on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a report on Monday, January 27th. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $72.50 in a report on Monday, January 27th.

1st Source Stock Performance

Shares of SRCE opened at $62.23 on Friday. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. The firm has a market capitalization of $1.53 billion, a PE ratio of 11.61 and a beta of 0.78. The firm has a 50-day moving average price of $62.51 and a 200 day moving average price of $61.47. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. On average, sell-side analysts anticipate that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were paid a $0.36 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $1.44 dividend on an annualized basis and a yield of 2.31%. 1st Source’s payout ratio is presently 26.87%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC raised its position in 1st Source by 152.7% in the third quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of 1st Source by 625.6% in the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares during the last quarter. State Street Corp lifted its position in shares of 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after purchasing an additional 9,235 shares in the last quarter. Barclays PLC lifted its stake in shares of 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 25,687 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in 1st Source by 36.8% in the third quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after buying an additional 24,470 shares during the period. Institutional investors 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.