Weiss Ratings Reaffirms Buy (B-) Rating for 1st Source (NASDAQ:SRCE)

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b-)” rating restated by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

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

1st Source Stock Up 0.3%

Shares of NASDAQ:SRCE opened at $61.98 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $59.26 and its 200 day moving average is $60.75. The stock has a market cap of $1.52 billion, a P/E ratio of 11.56 and a beta of 0.68. 1st Source has a 52-week low of $49.07 and a 52-week high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.36 by $0.16. The business had revenue of $104.04 million during the quarter, compared to analyst estimates of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Sell-side analysts predict that 1st Source will post 5.82 EPS for the current year.

Hedge Funds Weigh In On 1st Source

Several institutional investors and hedge funds have recently bought and sold shares of SRCE. Vanguard Group Inc. raised its position in shares of 1st Source by 15.2% during the 1st quarter. Vanguard Group Inc. now owns 1,068,094 shares of the financial services provider’s stock valued at $63,883,000 after buying an additional 140,698 shares during the period. Nuveen LLC acquired a new stake in 1st Source during the first quarter worth $7,012,000. Hotchkis & Wiley Capital Management LLC raised its position in 1st Source by 157.4% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 151,497 shares of the financial services provider’s stock valued at $9,061,000 after purchasing an additional 92,650 shares during the period. Nuveen Asset Management LLC raised its position in 1st Source by 154.4% in the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock valued at $8,116,000 after purchasing an additional 84,378 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of 1st Source by 57.8% in the 1st quarter. American Century Companies Inc. now owns 188,763 shares of the financial services provider’s stock valued at $11,290,000 after purchasing an additional 69,124 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.