1st Source (NASDAQ:SRCE) Earns Buy (B) Rating from Weiss Ratings

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

Other research analysts also recently issued research reports about the company. Piper Sandler increased their price target on 1st Source from $72.50 to $75.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Keefe, Bruyette & Woods raised their price target on shares of 1st Source from $67.00 to $69.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th.

1st Source Trading Down 0.4 %

SRCE opened at $61.24 on Friday. The firm has a market capitalization of $1.50 billion, a P/E ratio of 11.43 and a beta of 0.69. The firm’s 50 day moving average is $58.83 and its 200-day moving average is $61.05. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 52-week low of $48.97 and a 52-week high of $68.13.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.16. The firm had revenue of $104.04 million for the quarter, compared to the consensus estimate of $100.97 million. 1st Source had a net margin of 23.10% and a return on equity of 11.92%. Analysts expect that 1st Source will post 5.82 EPS for the current fiscal year.

1st Source Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 5th will be issued a $0.38 dividend. This is a positive change from 1st Source’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Monday, May 5th. 1st Source’s payout ratio is currently 26.71%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Barclays PLC lifted its stake in 1st Source by 162.2% during the third quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of 1st Source by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 11,018 shares of the financial services provider’s stock worth $663,000 after buying an additional 750 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of 1st Source by 36.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 91,019 shares of the financial services provider’s stock valued at $5,450,000 after buying an additional 24,470 shares during the period. SG Americas Securities LLC raised its stake in 1st Source by 38.3% during the fourth quarter. SG Americas Securities LLC now owns 8,700 shares of the financial services provider’s stock worth $508,000 after acquiring an additional 2,411 shares during the period. Finally, R Squared Ltd bought a new position in 1st Source in the fourth quarter worth about $40,000. 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.