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

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

Several other research firms also recently weighed in on SRCE. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $72.50 in a report 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 company a “market perform” rating in a report on Monday, January 27th.

1st Source Stock Down 0.2 %

Shares of NASDAQ SRCE opened at $62.58 on Friday. The company has a 50 day simple moving average of $60.48 and a 200-day simple moving average of $60.53. The company has a market capitalization of $1.53 billion, a P/E ratio of 11.68 and a beta of 0.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.10% and a return on equity of 12.07%. On average, equities research analysts predict that 1st Source will post 5.82 earnings per share for the current year.

1st Source Dividend Announcement

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

Hedge Funds Weigh In On 1st Source

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. R Squared Ltd purchased a new position in 1st Source in the 4th quarter valued at approximately $40,000. Financial Life Planners purchased a new stake in shares of 1st Source during the 4th quarter worth $48,000. nVerses Capital LLC lifted its position in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 182 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of 1st Source during the 3rd quarter worth $122,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

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.