1st Source (NASDAQ:SRCE) Issues Earnings Results

1st Source (NASDAQ:SRCE) announced its earnings results on Thursday. The financial services provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.20, FiscalAI reports. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The business had revenue of $118.83 million during the quarter, compared to analysts’ expectations of $118.11 million.

1st Source Price Performance

NASDAQ:SRCE traded up $1.31 during trading hours on Thursday, hitting $87.12. 96,997 shares of the stock traded hands, compared to its average volume of 128,788. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a 1 year low of $58.49 and a 1 year high of $91.46. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 13.36 and a beta of 0.57. The stock has a 50 day moving average price of $86.00 and a 200 day moving average price of $81.05.

Insider Buying and Selling at 1st Source

In other news, CFO Brett Bauer sold 500 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 20.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SRCE. Zacks Research cut shares of 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Piper Sandler boosted their price objective on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price objective on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Weiss Ratings raised 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. Finally, DA Davidson lifted their target price on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $89.67.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.