1st Source (NASDAQ:SRCE) Given Buy (B) Rating at Weiss Ratings

1st Source (NASDAQ:SRCE)‘s stock had its “buy (b)” rating reissued by equities researchers at Weiss Ratings in a report released on Friday,Weiss Ratings reports.

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

1st Source Trading Up 0.5 %

Shares of NASDAQ:SRCE opened at $62.73 on Friday. The company has a market cap of $1.54 billion, a P/E ratio of 11.70 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. The stock’s fifty day moving average price is $61.55 and its 200-day moving average price is $61.34.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results 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 return on equity of 11.92% and a net margin of 23.10%. Sell-side analysts expect that 1st Source will post 5.82 earnings per share for the current year.

Institutional Trading of 1st Source

A number of hedge funds have recently bought and sold shares of SRCE. Nuveen Asset Management LLC increased its position in 1st Source by 154.4% in the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock worth $8,116,000 after buying an additional 84,378 shares in the last quarter. Millennium Management LLC increased its position in 1st Source by 34.3% in the fourth quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock worth $11,901,000 after buying an additional 52,110 shares in the last quarter. Norges Bank purchased a new stake in 1st Source in the fourth quarter worth about $2,984,000. JPMorgan Chase & Co. increased its position in 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock worth $7,197,000 after buying an additional 32,257 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position 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 worth $1,989,000 after buying an additional 28,648 shares in the last quarter. 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.