1st Source (NASDAQ:SRCE) Receives “Buy (B)” Rating from Weiss Ratings

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

Several other research analysts have also recently issued reports on SRCE. Keefe, Bruyette & Woods upped their price target 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 raised 1st Source from a “neutral” rating to an “overweight” rating and upped their target price for the company from $70.00 to $72.50 in a report on Monday, January 27th.

1st Source Trading Down 0.2 %

Shares of 1st Source stock opened at $62.58 on Friday. The business has a fifty day simple moving average of $60.48 and a 200-day simple moving average of $60.53. 1st Source has a fifty-two week low of $47.30 and a fifty-two week high of $68.13. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 11.68 and a beta of 0.81. 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 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. On average, equities analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, February 4th. 1st Source’s payout ratio is 26.87%.

Institutional Trading of 1st Source

Hedge funds have recently modified their holdings of the business. R Squared Ltd acquired a new position in 1st Source during the fourth quarter valued at $40,000. Financial Life Planners acquired a new position in shares of 1st Source in the 4th quarter valued at about $48,000. nVerses Capital LLC lifted its position in shares of 1st Source by 150.0% in the third quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 182 shares during the period. Finally, Quantbot Technologies LP purchased a new position in 1st Source during the third quarter valued at approximately $122,000. Hedge funds and other 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.