1st Source’s (SRCE) “Buy (B)” Rating Reiterated at Weiss Ratings

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

Several other brokerages have also weighed in on SRCE. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $70.00 to $72.50 in a research report on Monday, January 27th. Keefe, Bruyette & Woods upped their price target on 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 Price Performance

SRCE stock 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 business has a 50 day simple moving average of $60.87 and a 200-day simple moving average of $60.91. The firm has a market capitalization of $1.57 billion, a PE ratio of 11.91 and a beta of 0.81. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13.

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 the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. Equities research analysts anticipate that 1st Source will post 5.82 earnings per share 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 $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio (DPR) is presently 26.87%.

Hedge Funds Weigh In On 1st Source

Several hedge funds have recently made changes to their positions in SRCE. CWM LLC grew its holdings in shares of 1st Source by 122.7% during the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 1,672 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 1st Source by 12.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,303 shares of the financial services provider’s stock worth $600,000 after buying an additional 1,125 shares during the last quarter. New York State Teachers Retirement System grew 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 buying an additional 182 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of 1st Source by 95.8% during the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock worth $1,683,000 after buying an additional 13,753 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of 1st Source during the third quarter worth about $664,000. 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.