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

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

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

1st Source Trading Up 0.5 %

1st Source stock opened at $62.73 on Friday. The firm has a 50 day moving average of $61.63 and a 200 day moving average of $61.41. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 11.70 and a beta of 0.78. 1st Source has a 12-month low of $47.30 and a 12-month high of $68.13. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. As a group, research analysts predict that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio is presently 26.87%.

Institutional Investors Weigh In On 1st Source

Large investors have recently bought and sold shares of the business. New York State Teachers Retirement System increased its position in 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 valued at $100,000 after acquiring an additional 182 shares during the last quarter. Valeo Financial Advisors LLC increased its position in 1st Source by 2.2% during the fourth quarter. Valeo Financial Advisors LLC now owns 10,124 shares of the financial services provider’s stock valued at $591,000 after acquiring an additional 221 shares during the last quarter. Aquatic Capital Management LLC increased its position in 1st Source by 14.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 315 shares during the last quarter. Isthmus Partners LLC increased its position in 1st Source by 0.6% during the fourth quarter. Isthmus Partners LLC now owns 54,649 shares of the financial services provider’s stock valued at $3,190,000 after acquiring an additional 328 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 1st Source by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,444 shares of the financial services provider’s stock valued at $610,000 after purchasing an additional 388 shares during the period. 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.