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

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b)” rating reiterated by equities researchers at Weiss Ratings in a note issued to investors on Saturday,Weiss Ratings reports.

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

1st Source Price Performance

NASDAQ SRCE opened at $61.50 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s 50 day moving average price is $62.38 and its 200-day moving average price is $61.44. 1st Source has a 52-week low of $47.30 and a 52-week high of $68.13. The company has a market cap of $1.51 billion, a PE ratio of 11.47 and a beta of 0.78.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. R Squared Ltd purchased a new position in shares of 1st Source in the fourth quarter worth $40,000. Financial Life Planners purchased a new position in shares of 1st Source in the fourth quarter worth $48,000. Jones Financial Companies Lllp raised its holdings in shares of 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock worth $71,000 after buying an additional 465 shares during the last quarter. Picton Mahoney Asset Management raised its holdings in shares of 1st Source by 105.6% in the fourth quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after buying an additional 977 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of 1st Source in the third quarter worth $122,000. 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.