Weiss Ratings Reiterates “Buy (B)” Rating for 1st Source (NASDAQ:SRCE)

Weiss Ratings reaffirmed their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a research note published on Wednesday morning,Weiss Ratings reports.

Other analysts have also recently issued reports about the stock. Piper Sandler raised shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods lifted their target price on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th.

1st Source Trading Down 1.8 %

Shares of SRCE opened at $63.83 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $60.87 and a 200-day simple moving average of $60.91. 1st Source has a 1-year low of $47.30 and a 1-year high of $68.13. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 11.91 and a beta of 0.81.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, topping 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%. Equities analysts forecast that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Tuesday, February 4th. This represents a $1.44 annualized dividend and a dividend yield of 2.26%. 1st Source’s payout ratio is 26.87%.

Hedge Funds Weigh In On 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in SRCE. Jane Street Group LLC boosted its holdings 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 valued at $2,106,000 after purchasing an additional 21,254 shares during the last quarter. State Street Corp boosted its holdings in 1st Source by 1.7% in the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock valued at $33,964,000 after purchasing an additional 9,235 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in 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 purchasing an additional 28,648 shares during the last quarter. Barclays PLC boosted its holdings in 1st Source by 162.2% in the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock valued at $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted 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 purchasing an additional 24,470 shares during the last quarter. Institutional investors and hedge funds 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.