1st Source (NASDAQ:SRCE) Given Buy (B) Rating at Weiss Ratings

Weiss Ratings restated their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a research report sent to investors on Saturday,Weiss Ratings reports.

1st Source Stock Up 0.6 %

Shares of 1st Source stock traded up $0.35 on Friday, hitting $57.85. The company had a trading volume of 59,248 shares, compared to its average volume of 51,594. The stock has a 50-day moving average of $61.65 and a 200-day moving average of $60.18. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13. The firm has a market capitalization of $1.42 billion, a P/E ratio of 11.02 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. The firm had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same period in the prior year, the business earned $1.32 EPS. Research analysts predict that 1st Source will post 5.36 earnings per share for the current year.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.49%. The ex-dividend date was Tuesday, November 5th. 1st Source’s payout ratio is 27.43%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System lifted its position in 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after buying an additional 182 shares in the last quarter. Inspire Investing LLC increased its position in shares of 1st Source by 4.4% in the third quarter. Inspire Investing LLC now owns 6,908 shares of the financial services provider’s stock valued at $414,000 after acquiring an additional 293 shares during the last quarter. nVerses Capital LLC raised its holdings in 1st Source by 150.0% during the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 600 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in 1st Source by 1.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 60,417 shares of the financial services provider’s stock valued at $3,618,000 after purchasing an additional 600 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in 1st Source by 7.3% in the third quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider’s stock valued at $663,000 after purchasing an additional 750 shares in the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

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.