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

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

A number of other equities analysts have also commented on the company. Piper Sandler upgraded 1st Source from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $70.00 to $72.50 in a research note on Monday, January 27th. Keefe, Bruyette & Woods raised their target price on 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 Up 3.7 %

SRCE opened at $56.31 on Tuesday. The firm has a market cap of $1.38 billion, a P/E ratio of 10.51 and a beta of 0.67. 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 business has a 50 day moving average price of $62.12 and a 200 day moving average price of $61.31. 1st Source has a twelve month low of $47.30 and a twelve month high of $68.13.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Nuveen Asset Management LLC increased its stake in 1st Source by 154.4% during the fourth quarter. Nuveen Asset Management LLC now owns 139,017 shares of the financial services provider’s stock valued at $8,116,000 after acquiring an additional 84,378 shares during the period. Millennium Management LLC grew its holdings in shares of 1st Source by 34.3% during the 4th quarter. Millennium Management LLC now owns 203,856 shares of the financial services provider’s stock worth $11,901,000 after purchasing an additional 52,110 shares in the last quarter. Norges Bank bought a new stake in shares of 1st Source during the fourth quarter valued at approximately $2,984,000. JPMorgan Chase & Co. raised its stake in shares of 1st Source by 35.4% in the fourth quarter. JPMorgan Chase & Co. now owns 123,276 shares of the financial services provider’s stock valued at $7,197,000 after purchasing an additional 32,257 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in 1st Source by 30.5% in the fourth quarter. American Century Companies Inc. now owns 119,639 shares of the financial services provider’s stock worth $6,985,000 after purchasing an additional 27,966 shares during the period. Institutional investors and hedge funds 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.