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

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

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

1st Source Stock Performance

Shares of SRCE opened at $61.50 on Friday. The business’s fifty day moving average price is $62.38 and its 200 day moving average price is $61.44. 1st Source has a 12-month low of $47.30 and a 12-month high of $68.13. The stock has a market capitalization of $1.51 billion, a PE ratio of 11.47 and a beta of 0.78. 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 (NASDAQ:SRCE) last announced its quarterly earnings data 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 return on equity of 11.92% and a net margin of 23.10%. Equities research analysts forecast that 1st Source will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, February 4th. 1st Source’s dividend payout ratio is presently 26.87%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SRCE. Victory Capital Management Inc. acquired a new position in shares of 1st Source during the third quarter valued at $413,000. Thrivent Financial for Lutherans increased its holdings in shares of 1st Source by 625.6% during the third quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after purchasing an additional 28,648 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of 1st Source during the third quarter valued at $1,713,000. Charles Schwab Investment Management Inc. increased its holdings in shares of 1st Source by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 586,372 shares of the financial services provider’s stock valued at $35,112,000 after purchasing an additional 1,872 shares during the period. Finally, Alpha DNA Investment Management LLC acquired a new position in shares of 1st Source during the third quarter valued at $466,000. 74.45% of the stock is owned by institutional investors and hedge funds.

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.